FET Bounces at $0.70 Support as Elliott Wave Hints at 686% Rally to $6.0785

FET price has stabilized near the $0.70 support level following a 6.20% intraday decline, sparking renewed interest among traders monitoring Elliott Wave patterns. Analysts have identified a potential fifth wave rally, with a projected target of $6.0785, based on the unfolding wave structure [1]. This scenario hinges on the assumption that the current correction has completed its cycle, setting the stage for a sustained upward move [1].

The Elliott Wave structure outlines a sequence beginning with an initial bullish impulse around 2022, followed by a corrective phase into 2023. This developed into a more defined wave four correction, characterized by sub-waves (a), (b), and (c). The current price action suggests that the corrective phase has concluded, positioning FET for a potential wave five advance [1].

A key level for FET at this stage is the $0.70 support. Holding this level is critical for maintaining the projected bullish trajectory. If buyers manage to defend this area, the next immediate target would be the $1.00 psychological level, followed by resistance near $3.00. The ultimate target under the Elliott Wave model is $6.0785, where the fifth wave is expected to complete [1]. Traders are closely watching for confirmation of upward momentum, including increased volume and sustained buying pressure [1].

Conversely, a failure to hold the $0.70 level could lead to further retracements. Volume profile analysis suggests the possibility of a drop toward $0.50 if bearish momentum intensifies, prolonging the time required to retest higher Fibonacci levels [1]. The stochastic RSI currently indicates oversold conditions, while momentum oscillators hint at potential for renewed upward pressure, reflecting a market in a state of balance [1].

Technical analysis also points to accumulation zones below $1, where prior aggressive buying activity has occurred. These levels could serve as key demand zones for a potential rebound [1]. The broader question remains whether FET can sustain its current position and rally toward the $6.07 target or if selling pressure will dominate and trigger a deeper correction [1].

According to the analyst’s forecast, the projected top for FET remains around $6.00, with visual confirmation provided in recent market commentary [1].

Source: [1] FET Price Holds $0.70 Support While Elliott Wave Charts Target $6.07 (https://cryptonewsland.com/fet-0-70-support-while-elliott-target-6-07/)