The cryptocurrency market is showing positive dynamics again, with Ethereum leading the growth of altcoins, including FET.
Cryptocurrency Market Recovers
In recent weeks, the cryptocurrency market has made a notable recovery, with Ethereum (ETH) at the forefront of these movements. Over the past month, ETH has risen over 56% and is now trading around $2,550.
Technical Analysis of FET
The FET token has shown over 30% gain in the last month. The daily chart of FET reveals a classic 5-wave Elliott Impulse pattern indicating a continuation of a strong uptrend. Currently, FET is trading around $0.78, hinting at the beginning of Wave 5.
Prospects for FET
If the current structure continues to unfold, Wave 5 could push FET towards $1.04, implying a potential gain of around 50%. However, it is crucial to monitor the support level at $0.70 as breaking below this could negatively impact the token’s outlook.
The cryptocurrency market is evolving, and FET finds itself at a significant juncture with prospects for further growth, but it is essential to follow the market signals.
