FET forms falling wedge pattern on the 15-minute chart. Can the altcoin maintain support and surge soon? Experts share bull targets as high as $0.4 and bear targets as low as $0.05. Expectati
Expectations for the bullish altseason pump phase to arrive remains strong as most altcoins show strong bullish indicators and continue to hold support. While most promising altcoin assets maintain their support ranges, one asset may have lost structure, leading to a possible lower low before bullish recovery pumps can play out. In detail, FET forms falling wedge pattern on the 15-minute chart. Can the altcoin maintain support and surge?
According to CoinMarketcap analytics, the price of FET is currently trading at the $0.1195 price range, showing that the asset has fallen by almost 4.50% over the last 24 hours. Among the many AI related altcoins in the space, FET remains one of the top contenders alongside NEAR and RENDER. As we can see from the post below, this expert believes that FET may have lost a structure it was trying to defend.
https://twitter.com/CryptoTheBossX/status/2088874969132347648In detail, the weekly FET chart has now slipped beneath the green support after spending months compressing under a descending blue trendline. That changes the setup from ‘testing support’ to ‘support breakdown’ and the next reaction will be important. Looking back at the previous analysis, FET was sitting directly on that support with the descending trendline still overhead.
Since then, the structure has weakened further and price has broken below the base. A recovery back above the broken support would be the first sign of strength; otherwise, the bearish structure remains dominant. If the downtrend continues, FET could go on to dip further, likely to set a much lower bottom price in the $0.05 price range. In contrast, bullish analysts believe FET will reclaim higher prices soon.
https://twitter.com/cryptowithgopal/status/2087497954299199652As the post above showcases, FET is forming a falling wedge pattern on the 15-minute chart with the price trading around $0.1348, holding the lower wedge support near $0.133 - $0.134. Selling pressure is compressing, creating a potential bullish reversal setup. A confirmed breakout above the wedge could target price between $0.17 - $0.175. The post claims market sentiment for FET is a bullish reversal setup with a breakout confirmation pending.
https://twitter.com/LanaValentis/status/2088258123702116667Similarly, another post shares how FET has held a support zone which has stopped a greater breakdown since February. If FET can maintain this line and attempt a bounce from the key support zone around $0.13 on the daily chart. Additionally, the price is also pressing against the descending resistance, meaning a clean breakout would reverse the trend and pave the way for a swift recovery.
