The cryptocurrency Fetch.AI (FET) is attracting traders' attention due to its long-term consolidating structure reminiscent of the 2021 bull cycle.
670 Days of Accumulation Sets the Stage
Data shared by Crypto NL indicates that FET is trading within a prolonged accumulation phase lasting over 670 days. This structure resembles the setup from 2021, where a 581-day accumulation led to a 1,175% rally. Currently, the price is at the top of this accumulation zone, around $0.685.
Resistance Zone at $0.92 Remains Key
Analyst Crypto Monkey pointed out that further movement won't occur without a weekly close above $0.92. The $0.92–$0.95 region is seen as a strong resistance area, where previous breakdowns took place. Until this area is reclaimed, the chart structure remains neutral.
Pattern Resembles Historical Rally
The 2021 bull cycle saw FET climb over 1,100% after a similar extended accumulation. The current structure shows a comparable duration with 96 weekly bars marking ongoing consolidation. If a breakout above resistance occurs, historical symmetry could support another steep upward movement.
The current chart structure for FET shows potential, but technical validation is still needed. Market participants are closely watching for trend reversal confirmation near key levels.
