- FET double top formation on the 15-month price chart.
- The pattern signals a bearish target, which has already been met.
- This could mean a significant surge could play out soon.
The crypto market continues to trade sideways in what seems to be a possible start to the price recovery phase. As the pioneer crypto assets Bitcoin and Ethereum trade in the $83,000 and $2,500 price ranges, respectively, some altcoins are experiencing more aggressive pump-and-dump movements. For instance, FET double top formation on the 15-month price chart signals bearish target met, can it expect a surge soon?
FET Double Top Formation on the 15-Month Price Chart
According to CoinMarketCap analytics, the price of FET is currently trading in the $0.219 price range, showing that the asset is down by over 7% in the last 24 hours and down by over 13% in the last 7 days. However, on the 30-day chart, the asset is still up by over 30%. The popular altcoin will still need to experience a pump of over 93% before it can reclaim its previous ATH price set 3 years ago in the $3.47 price range.
As we can see from the post above, this expert noticed how FET showed a Double Top formation on the 15-month price chart. He noted that the price of FET sat near $0.2283 before breaking below the neckline around $0.2330 after rejection near $0.2440. He then went on to not how bearish momentum built leading to the price of FET hitting its bearish target already.
Will FET See a Significant Surge Soon?
To highlight, the analyst expected FET’s bearish target toward $0.2200 to arrive if continued weakness went on to push the price further below. He also mentioned this would be invalidated if FET price reclaimed $0.2330. Now, with FET trading at $0.21 it is clear that sentiments are bearish for the short-term. As for what to look out for in case of bullish signals, the analyst in the post below has much to say.
This expert states that FET is attempting to build a weekly base after a prolonged sequence of lower highs and lower lows. The first confirmation sits at $0.28 – $0.32. A weekly close above this zone, followed by a successful retest, would strengthen the case for a local structure shift. Using the approximate $0.12 – $0.28 recovery, Fibonacci support sits near $0.219, $0.200, and $0.181.
Holding this area could allow FET to establish a higher low before another breakout attempt. Above $0.32, $0.324, and $0.379 extensions lead into the next supply zone around $0.38 – $0.45. Meanwhile, a larger recovery requires $0.7939 to become support. Clearing that level would bring $2.2037 back into focus, with $3.4744 as the extended historical reference. So, will FET price surge towards higher targets soon?
