Fetch.ai (FET) Market Update – ABC Correction Nearing Completion?
Current Trend: Strong downtrend
Key Resistance: $0.59
Key Support Zones: $0.376 and $0.30
Structure: ABC correction (wave C possibly concluding)
Sentiment: Bearish with cautious reversal watch
Despite broader market weakness, FET is approaching critical support levels, potentially nearing the end of its long-running ABC corrective pattern. The C-wave, now a clear five-wave decline, has hit initial targets. But without a convincing bullish reaction, the trend remains downward.
Key Technical Insights:
The downtrend from March 2023 remains intact.
Wave C is well-structured but no bullish confirmation yet.
A break above $0.59 is crucial to signal the beginning of a trend reversal.
A trendline drawn from local highs continues to cap price movement — a break above could suggest early momentum shift, but it’s not yet confirmed.
Next support zones: $0.376 (78.6% Fibonacci extension) and $0.30 (major C-wave completion target)
What to Watch:
A breakout above $0.59 could trigger a short-term bullish move.
Until that happens, expect continued lower highs and potential drop to $0.30.
If the current scenario is an ending diagonal, wave overlaps are allowed, making deeper corrections possible before a bounce.
Conclusion:
FET remains in a confirmed downtrend with no low in place yet. While key support zones are near, traders should stay cautious. A reversal might begin soon — but without technical signals, the risk of further downside remains.
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