FET Nears $0.85 Resistance Could Surge 120% on Breakout

The Fetch.ai (FET) token is approaching a critical juncture as its price consolidates within a tightening symmetrical triangle pattern, drawing attention from technical analysts and traders. According to Ali Martinez, a recent analysis highlights that FET has been oscillating between ascending and descending trendlines since March, with the $0.64 level acting as robust support. A daily close above the $0.85 resistance could confirm a breakout, potentially propelling the token toward a $1.74 target derived from Fibonacci extension levels [1]. The pattern’s apex, where the trendlines converge, signals a pivotal moment for market direction. Martinez emphasizes that a break above $0.85 would invalidate the triangle’s upper boundary and indicate a 120% upside potential, reflecting strong accumulation by bullish participants [1].

Long-term technical indicators reinforce this bullish outlook. The FET/USDT weekly chart displays a textbook Elliott Wave pattern, currently completing wave (4). The token’s recent rebound from an ascending trendline suggests continued adherence to key support levels. Analysts anticipate the initiation of wave (5), which could push prices into the $3.40 to $5.00 range, aligning with historical wave behavior and trendline dynamics [1]. As of the latest data, FET trades at $0.7406, with a break above recent highs potentially triggering a broader rally toward the upper resistance zone marked in red on the chart [1].

Beyond technical indicators, Fetch.ai’s ecosystem developments underscore growing momentum. The project recently expanded its Agentverse.ai platform by inviting community input on expanding Python packages, aiming to enhance AI agent deployment and management for developers. This initiative, announced via a tweet, encourages collaboration to improve usability within Fetch.ai’s decentralized infrastructure. Developers were directed to a GitHub repository to review supported tools, reflecting the team’s focus on ecosystem growth alongside market performance [1].

The convergence of technical strength and ecosystem development positions FET for a potential breakout. While the symmetrical triangle model suggests a $1.74 target, the broader Elliott Wave projection hints at even higher possibilities if the pattern extends. Traders are advised to monitor the $0.85 level closely, as its breach could validate the next phase of upward momentum. Meanwhile, Fetch.ai’s commitment to developer engagement may further solidify its fundamentals, creating a compelling narrative for both technical and fundamental investors.

Source: [1] FET Targets $1.74 as Symmetrical Triangle Tightens Further [https://coinmarketcap.com/community/articles/6884ed6a9821b94e37d56746/].