With a bullish recovery rally in motion, FET price action shows a streak of green candles finally taking a step back. The uptrend accounts for a 69% surge in the last eight days to reclaim the $1 psychological mark as the broader market recovers.
FET Price Performance
With a bearish trend in the 1-day chart, the FET price action reveals a falling channel pattern. Furthermore, the increased bearish influence results in a death cross between the 50D and 200D EMA.
Correction or Buying Opportunity?
However, the recent bullish reversal from the $0.70 support level and the declining trendline puts the buyers back in action. The reversal rally breaks above the pattern and surpasses the 50D EMA despite the minor intraday pullback.
Will FET Price Hit $2?
With the channel breakout, the minor intraday pullback increases the chances of a retest of the broken trendline. However, an early reversal from the 50D EMA could reinstate the uptrend in motion. Based on the Fibonacci levels, the uptrend sustaining above the 23.60% Fibonacci level could surpass the $1.55 mark in a post-retest jump, with potential further corrections to $1.88 and $2.20.
The $1 psychological mark and the $0.70 mark remain crucial support levels. FET price may resume its upward movement after a minor correction if the uptrend continues.
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