On the 8-hour chart, FET/USDT exceeded a falling wedge, which hints at the resurgence of bullish momentum.
Price is just over $0.738, with defenses positioned at $0.7469 and support about at 0.6833.
Breakout projection points to a potential 30.48% upside, targeting the $1.09 area in the short term.
Fetch.AI's FET token is recovering strength as it breaks out of a significant technical pattern. On the 8-hour chart, FET/USDT broke through the upper border of a descending wedge, a pattern that had enveloped the price since early May.
The breakout puts the current price at $0.738, a 5.8% increase in the past 24 hours. Interestingly, the price remains near the immediate resistance at $0.7469. This move represents a shift in market forces as the token emerges from weeks of downward compression.
Falling Wedge Breakout Highlights Near-Term Technical Shifts
The two downtrending trend lines have created the falling wedge pattern since last April. FET's breakdown above the higher trend line, with rising volume, suggests rising interest. The price has now established short-term support at $0.6833, a point established after a sequence of rejections during the period in which the pattern was building.
https://twitter.com/ZAYKCharts/status/1940651309956583680
Furthermore, the price target following the peak of the wedge suggests a potential move towards the $1.09 level. This suggests a possible 30.48% increase from the breakout point.
Short-Term Range and Current Market Structure Confirm Strength
The 24-hour price range of the market participants is closely monitoring the price between 0.6833 and 0.7469. Throughout the range, FET has always enjoyed upward momentum, resisting selling pressure around support instances.
Further, the token is trading at 0.056719 BTC and 0.0002839 ETH up 3.7% and 0.2% respectively. These combinations demonstrate the comparative power of FET against large digital objects in the recent breakout.
Upcoming Price Levels Provide Next Technical Targets
In the short term, the price will be tested at first support of $0.7469. A prolonged move above this point could set in motion a course to $1.09 as we have aligned the breakout estimate. Up to that, maintaining support around $0.6833 is vital to regain the bullish structure. In the subsequent sessions, traders are likely to watch this level carefully.
