FET Consolidates Near $0.66 Support Amid Bearish Momentum and Bullish Technical Signs

Fetch.ai (FET) is consolidating near key support levels amid conflicting short-term bearish momentum and emerging bullish structures. The asset has been trading within a symmetrical triangle pattern since March 2025, with recent price action testing the $0.66 support area. A breakdown below this level could trigger a retest of the $0.38 support, according to analyst Ali, who shared his analysis on X [1]. Meanwhile, Fibonacci retracement levels highlight $0.681 as a mid-support level, with the 0.618 level at $0.783 recently rejecting price, causing a pullback.

Technical indicators offer a mixed outlook. The MACD continues to signal bearish momentum, with the histogram showing extended red bars and both lines remaining below zero. However, the RSI is showing a subtle upward trend, hinting at potential accumulation beneath $0.70. This divergence suggests that while the short-term bias remains bearish, some buyers may be stepping in to accumulate at lower levels [1].

Long-term bullish projections are based on Elliott Wave analysis. Solberg Invest outlined a potential Wave 5 continuation, suggesting that FET could target $1.25, $1.60, and ultimately $4.00 if the bullish structure confirms [1]. This analysis aligns with a broader bullish narrative, provided the asset can stabilize above key levels and generate sufficient volume to confirm the trend.

The consolidation phase is critical for FET, as it seeks a decisive direction. A breakout above the triangle’s upper bounds could validate the bullish scenario, particularly if volume spikes and market sentiment improves. On the other hand, a breakdown below $0.66 could reignite bearish pressure and push the price toward lower support levels. Traders and analysts are closely monitoring for confirmation signals, especially in August, a pivotal month for market direction.

Amid this volatility, trading volume has dipped during the downtrend, yet a lack of significant breakout attempts suggests the market is in a state of consolidation. While short-term bearish momentum remains, the gradual rise in RSI and the presence of bullish wave projections indicate a potential turning point is near. The market remains cautious but not without hope, as both technical and structural analyses continue to highlight multiple potential outcomes.

Sources:

[1] FET Consolidates Near Key Support Amid Bearish Signals and Bullish Structure — https://cryptofrontnews.com/fet-consolidates-near-key-support-amid-bearish/