FET is showing signs of a potential trend reversal following a breakout from key technical support. Price action and supporting indicators suggest that a significant move could be developing as the asset attempts to regain bullish momentum within a broader consolidation range.
Testing a Multi-Layered Resistance Zone
FET is currently approaching a confluence of resistance levels, situated between $0.92 and $0.98. This area includes previous swing highs, the upper boundary of a descending wedge, and aligns with the 50-day moving average. A decisive move above this zone would mark a significant shift in short-term market structure.
Supporting momentum indicators, such as the Stochastic RSI and MACD, are beginning to rise, indicating that buying pressure is building. On the 4-hour chart, FET is forming an ascending triangle, a bullish continuation pattern. Should the price exceed the $1.00 psychological level with a strong surge in volume, price targets between $1.15 and $1.25 could come into play, based on prior resistance from earlier this year.
Breakout Structure and Technical Confirmation
The 8-hour chart shows that FET recently completed a breakout from a falling wedge pattern, a formation typically associated with reversals or trend continuations. The breakout occurred near a horizontal resistance block between $0.70 and $0.72, an area that previously acted as both support and resistance. The projected upside from this pattern suggests a 42.87% move, which aligns with the $1.00 price level.
This technical development indicates a shift in market behavior. Sustained trading above the resistance block would support a continuation of the upward trend. However, the breakout still requires confirmation through increased trading volume and follow-through price action to validate its strength.
On-Chain Activity and Valuation Metrics
Recent on-chain data shows heightened activity among large FET holders, particularly in the $0.85–$0.90 price range. This trend points to potential accumulation by whales, which could catalyze upward momentum if broader market conditions remain favorable.
FET’s Z-Score currently sits at -0.41, indicating that the asset is trading below its historical average and may be undervalued. Short-term moving averages (7, 30, and 50) remain below the 200-day average, maintaining a neutral to bearish outlook. A break above $0.74 and a positive shift in the Z-Score would further reinforce a bullish setup.
In the current situation, FET shows signs of possible growth, and while technical indicators suggest building buying pressure, further confirmation through sustained trading volume and market activity is required.
