Fetch.AI (FET) recently confirmed a technical breakout after forming a descending broadening wedge, indicating a possible shift in price structure.
FET Breakout Confirmation and Volume Surge
FET broke out of a descending broadening wedge and confirmed the move with a strong retest, accompanied by a 48.75% increase in trading volume. This signals buyer conviction.
Testing Support Level
The retest of the breakout line coincided with a sharp rise in trading volume, indicating renewed market interest. FET is holding above the current support level at $0.7281, which previously served as a pivot during the wedge formation.
Structural Indicators and Price Prospects for FET
FET has completed the full structure of the descending broadening wedge on the daily chart, and based on the measured move from the breakout, the asset may target $1.234—a potential increase of 57.36% from the breakout level.
The price increase of FET and rising trading volumes are important indicators of market confidence. Support and resistance levels will determine the short-term dynamics of the asset.
