Altcoin FET forms a bearish pennant on the 4-hour price chart. How far will the price of FET fall this month? The asset will remain bearish unless it breaks above $0.165. As several altcoins
As several altcoins continue to trade at higher prices, analysts notice that a few altcoins, despite long-term bullish indicators, are currently on a short decline. Will these assets recover, or is a greater dip coming? As the price of BTC and ETH trade below $77,000 and $2,500, respectively, altcoin FET forms a bearish pennant on the 4-hour price chart. How far will FET price fall?
Since the altcoin price pump phase was delayed in the last bull cycle, analysts concluded that altseason was completely missed. Thus, altcoin enthusiasts, analysts,and traders have been growing increasingly eager over an altseason peak phase arriving this year instead. This, in greater part, is due to the 5-year supercycle theory that believed a correction would occur, followed by a bullish revival.
This revival may be what’s playing out now with the price of Bitcoin and altcoins breaking past several resistance zones and reclaiming higher prices. At the moment, the popular sentiment is that the traditional bull cycle is playing out as it set its bear market bottom and is waiting for BTC to surge to the next leg up. For now BTC is expected to trade as low as $71,000 until it can break above $82,000.
The main two resistance targets for BTC now are set at $79,000 and $82,500. Once these barriers are turned to support, the price of BTC is expected to surge and reclaim targets like $88,000 and $90,000, bringing the asset closer to its 6-digit target of $100,000. Will we see these prices this year? If so, will altcoins prices surge alongside BTC this year, or will the surge continue till 2027?
Presently, many altcoin assets like XLM, RENDER, XRP, NEAR, RENDER, and many have already started to pump, among them, FIL and FET are starting to gain attention as well. To highlight, the price of FET is currently trading at $0.15 showing that the asset is up by over 27% in the last 30 days. However, the altcoin is down by over 14% in the last 7 days, and down by over 6% in the last 24-hours.
https://twitter.com/cryptowithgopal/status/2099445665814462699As we can see from the post above, greater dips may be in store for the price of FET as the image in the post above depicts how the altcoin is forming a bearish pennant on the 4-hour price chart. The asset is currently consolidating after a sharp rejection from $0.19. A breakdown below the lower pennant support could trigger further downside toward the chart’s $0.135 target. The asset will remain bearish if its price stays below $0.165.
