- Altcoin FET forms falling wedge pattern.
- Confirmed breakout could lead to rally target.
- FET price can surge to $0.17 or fall slightly further before a pump.
The crypto community continues to watch the crypto market struggle to retake higher prices. With pioneer assets like Bitcoin and Ethereum still trading in a stagnant sideways movement, analysts and traders believe the worst of the bear market has already passed, meaning assets will slowly work their way up. As altcoin FET forms falling wedge pattern expectations place a confirmed breakout as the sign to rally targets being hit soon.
Altcoin FET Forms Falling Wedge Pattern
The prices of altcoins have experienced a brutal few years, where lack of liquidity in the space led to almost no rise in altcoin prices. Since BTC began its surge, analysts and traders have been patiently waiting for the peak altseason pump phase to arrive. Instead, what they saw was the price of BTC set impressive new ATH targets consecutively while only a handful of altcoins set new ATHs of their own.
What’s more, the altcoins that did manage to set new ATH records barely experienced an impressive pump like Bitcoin. In fact, most of these targets were just a small level above their previous targets. Thus, analysts now believe that in the new coming bull cycle, Ethereum could outperform Bitcoin, and this, in turn, will allow the prices of all other altcoins to surge exponentially as well.
Already several altcoins have been printing bullish pump patterns across their price charts for months and even years, meaning a parabolic surge for these assets are only a matter of time. To highlight, the total altcoin price chart is also nearing completion on massive multi-year bullish patterns, marking a significant rise for the entire altcoin market. One such asset showing strong bullish signals is FET.Â
As we can see from the post above, FET is forming a falling wedge on the 15-minute chart price, which is around the $0.1348 price range, holding the lower wedge support near $0.133 – $0.134. What’s more, selling pressure is compressing, creating a potential bullish reversal setup. A confirmed breakout above the wedge could target the $0.17 – $0.175 price range. A bullish reversal setup is ready for FET, only the breakout remains.
Confirmed Breakout Could Lead to Rally Target
Meanwhile, other experts believe that a fall to the $0.098 price range is also likely, and that this dip will only strengthen the bullish reversal setup, pushing the price of FET to targets back up to the $2.18 and even $3.46 price ranges. Another expert marks how FET is currently sitting at a historical trendline support range, and previous retest successes have led to massive rallies.Â
