Fetch.ai (FET) Market Analysis and Trade Setup
Overview:
FET is currently forming a corrective structure after completing a potential 5-wave impulse move from the April low. This 5-wave structure suggests the beginning of a larger ABC rally, where wave A might have topped around May 11. The price is now likely in wave B, seeking a higher low before a wave C rally resumes.
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Technical Structure:
Wave A: 5-wave impulse completed at approx $0.89
Wave B: Currently in progress, forming an ABC correction
Wave A (down): Completed at approx $0.72
Wave B (up): Expected bounce to $0.82–$0.89
Wave C (down): Likely final dip into $0.42–$0.62 zone
The larger ABC could ultimately extend towards $6.20 in wave C long term.
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Key Levels to Watch:
Support Zone: $0.72 – $0.78 (current bounce zone)
B-Wave Resistance: $0.82 – $0.89
Invalidation for correction: Break above $0.893 may suggest wave B is already done and another bullish wave has started.
Major Buy Zone for Wave C: $0.42 – $0.62 (accumulation region if market continues lower)
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Trade Setup (For Swing/Position Traders):
Entry Zone (Long-term Accumulation): $0.42 – $0.62
Short-term Bounce Trade: Entry at $0.74–$0.78
Target 1: $0.82
Target 2: $0.89
Stop Loss: Below $0.70 for short-term trade
Risk Allocation: 3%–5% of portfolio
Leverage: Spot or low leverage preferred due to correction phase
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Summary:
FET is in a corrective B-wave bounce, providing a possible short-term trade opportunity. However, long-term accumulation should be considered in the $0.42–$0.62 range. A break above $0.893 would invalidate the correction and suggest another bullish leg higher. Watch support and resistance zones closely.
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