Fetch.AI’s FET Token Surges 5.8% After Breaking Key Resistance

Fetch.AI’s FET token has shown signs of a bullish resurgence after breaking out of a falling wedge pattern on the 8-hour chart. This technical pattern, which had been in place since early May, suggests a shift in market dynamics as the token emerges from a period of downward compression. The current price stands at $0.738, marking a 5.8% increase over the past 24 hours. This move is significant as it positions the token near immediate resistance at $0.7469, indicating a potential for further upward momentum.

The falling wedge pattern, characterized by two downtrending trend lines, has been in effect since April. The recent breakout above the higher trend line, accompanied by rising volume, signals increased interest and buying pressure. The short-term support level is now established at $0.6833, a point that has seen multiple rejections during the formation of the pattern. This support level is crucial for maintaining the bullish structure moving forward.

According to the analyst's forecast, the breakout projection points to a potential 30.48% upside, targeting the $1.09 area in the short term. This forecast is based on the peak of the wedge pattern and suggests a significant price increase if the bullish momentum continues. The 24-hour price range for FET is currently between $0.6833 and $0.7469, with the token showing upward momentum and resisting selling pressure around support levels.

In the short term, the next technical target for FET is the first support level at $0.7469. A sustained move above this point could pave the way for a further increase to the $1.09 level, as indicated by the breakout projection. Maintaining support around $0.6833 is vital for the token to regain its bullish structure. Traders will be closely monitoring these levels in the upcoming sessions to gauge the strength of the bullish momentum.