- Buyers’ Exhaustion and Downward Correction
- Key Support Levels and Future Projections
- Market Dynamics and Risk Considerations
Crypto analyst Crypto_Jobs TA & FA has raised concerns about the ongoing correction in the FET token’s price. Despite a recent 80% pump, the analyst believes the correction isn’t over yet.
Buyers’ Exhaustion and Downward Correction
The analyst highlights that the sharp price increase in FET has caused many investors to book profits, leaving the market in a state of exhaustion. Consequently, the price is now experiencing a downward correction. The tweet mentions a potential Head and Shoulders (H&S) pattern forming on the H4 – daily charts, which could signal further downside before the price stabilizes.
Key Support Levels and Future Projections
The analyst also points out critical support levels at $1.100 to $1.050, which could act as a base for FET’s next move. The tweet advises caution for potential buyers, suggesting that it may be wise to wait until the price breaks back into the $1.300 zone before considering new purchases. Additionally, the tweet hints at a possible price rally toward $1.800 after the current correction phase concludes, but only if the support levels hold and the market regains momentum.
Market Dynamics and Risk Considerations
Crypto_Jobs TA & FA reminds investors that the flow of money between different cryptocurrencies can significantly impact FET’s price movements. Hence, understanding these dynamics is crucial for making informed decisions. While the current correction might seem daunting, the potential for a future rally remains if the market conditions align.
The FET price correction may continue, and investors should keep a close eye on key support levels and market dynamics. Caution and up-to-date market information will help in making more informed decisions.
Comments