TradeCityPro | FET: AI Token Eyes Breakout After Sharp Rebound👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review the FET coin for you. This project is one of the top AI-related projects in the crypto category.
💫 With a market cap of $1.8 billion, it currently ranks 48th on CoinMarketCap.
📅 Weekly Timeframe
In the previous analysis, I mentioned that if the ascending trendline in this timeframe is broken, the price would make a higher high beyond 3.099, and with the activation of the trendline trigger, we could confirm a trend reversal in this timeframe.
✔️ As you can see, that scenario has played out. After breaking the trendline and the 0.382 Fibonacci level, the price dropped sharply down to the 0.786 level.
✨ The price reaction at this level was very quick, and after hitting this zone, it gained bullish momentum again with a bullish engulfing candle and has now reached the 0.797 area.
📈 If the 0.797 level breaks, the price could experience another sharp upward move. The next resistance levels are 1.095, 2.068, and 3.099 — with 1.095 overlapping with the 0.382 Fibonacci level.
📊 The main confirmation of trend reversal will be given by forming a higher high and higher low above the 0.797 level — confirming Dow Theory.
🔽 For a bearish continuation, the confirmation comes with a break of the 0.786 Fibonacci level. The main support levels are 0.185 and 0.058.
📅 Daily Timeframe
In the daily timeframe, we can better see the details of this bullish move. As observed, the price has had a sharp leg up from the 0.379 bottom to 0.791 without any real correction.
🧩 Given the strength of the 0.791 resistance, a correction is more likely here. If the price moves upward without correction, it’s usually not a good sign for trend sustainability. A healthy trend includes corrections.
🎲 However, if 0.791 breaks and RSI enters the Overbought zone, the price could continue rising toward the 1.128 resistance. While this might not be ideal for trend health, the risk-to-reward ratio makes opening a position worthwhile.
🛒 In my opinion, a correction followed by a new bullish wave would be a more ideal setup, increasing the chances of a breakout. Breaking this level could be a strong trigger for both spot buying and futures positions.
📉 For a bearish scenario, we need to wait for the price reaction to 0.791 and then enter after confirmation of trend reversal. Lower-level triggers would be the breaks of 0.567, 0.455, and 0.379.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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