The cryptocurrency market has faced heightened selling pressure in recent months, with Ethereum (ETH) suffering its steepest first-quarter decline since 2018, plunging over 45%. This broader downturn has extended across the altcoin landscape, with the Artificial Superintelligence Alliance (FET) token declining more than 60% over the past 90 days.
However, recent price action suggests a possible shift in momentum. FET has surged 9% today, breaking out of a critical technical pattern that may signal the beginning of a larger recovery trend.
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Bullish Harmonic Pattern Suggests Trend Reversal
FET’s latest rally coincides with the completion of a Bullish Shark harmonic pattern — a classic technical setup often associated with the end of prolonged downtrends and the onset of new upward moves. The final "D" point of the pattern has emerged near the $0.34 support level, aligning closely with key Fibonacci retracement zones.
FET began its downward trajectory in early December 2024, following a failed attempt to hold above the $2.20 resistance level. From there, the token lost more than 74% of its value, bottoming out around $0.34 on April 7. Since reaching that low, FET has shown signs of recovery, with a recent breakout above the $0.42 neckline confirming the harmonic pattern and suggesting strengthening bullish sentiment.
Key Fibonacci retracement levels now serve as potential price targets for this developing recovery:
0.382 Fib – $1.06
0.618 Fib – $1.49
0.786 Fib – $1.80
Full Projection (1.0 Fib) – $2.20
The $0.46 level is now acting as short-term support. Sustaining this support will be crucial for bulls seeking further upside continuation.
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Outlook: Can FET Maintain its Upward Trajectory?
Following a prolonged correction, FET appears to be in the early stages of a potential trend reversal. The breakout from the harmonic structure, combined with strengthening momentum indicators, presents a technically favorable outlook.
A decisive move above the $0.70–$1.00 resistance range could open the door for a more aggressive rally. However, as with all technical patterns, confirmation is key. Traders should monitor volume trends and broader market sentiment for signs of sustained bullish follow-through.
While risks remain, the current setup positions $FET as a candidate for a significant rebound in the weeks ahead.
