What to know:
- FET price fell 1.61% daily but remains 27.58% weekly bullish.
- Price consolidates near $0.2675 with declining volume pressure.
- Elliott Wave shows a wave four correction above key support.
- RSI and MACD confirm strong ongoing bullish momentum trend.
FET price is consolidating after a strong weekly rally, showing short-term weakness from profit-taking. Despite a minor decline, the overall trend remains bullish with sustained buying interest.
Technical structure supports continuation, with momentum indicators signaling strength, suggesting the market may resume upward movement after the current consolidation phase completes.
FET Price Action Signals Consolidation Ahead
Artificial Superintelligence Alliance (FET) price is experiencing short-term weakness after a strong rally in recent days. Over the past 24 hours, FET has declined by 1.61%, reflecting profit-taking and reduced buying pressure.
However, on a broader timeframe, the token remains up 27.58% over the past week, highlighting strong underlying market interest.
According to CoinMarketCap data, FET is trading at $0.2675. The 24-hour trading volume stands at $223.07 million, representing a 30.07% decline compared to the previous day.
Meanwhile, market capitalization is valued at $604.45 million, down 1.94% over the same period, as the token consolidates following its recent gains.
Also Read: FET Price Prediction: Bullish Structure Point to a Rally Toward $0.31
FET Price Recovery Structure Signals Further Upside
The Artificial Superintelligence Alliance (FET) 4-hour chart shows a developing Elliott Wave impulsive structure following a strong recovery from the $0.18 support region.
Price has completed waves (1), (2), and (3), while wave (4) consolidation appears underway near $0.264. The bullish structure remains valid above key Fibonacci support levels at $0.2328, $0.2241, $0.2158, and $0.2045.
The latest movement in price has revealed an ongoing upward trend, with bulls reclaiming the $0.24 level to create higher-highs and higher-lows.
The marked Fibonacci extension zone suggests possible price targets for wave (5) at $0.2913, $0.3178, $0.3325, and $0.3583. An increase in momentum above the support levels may propel prices towards these resistances.
As long as price remains above the crucial support area between $0.224 and $0.233, the overall outlook will remain favorable.
A move above the extension objective at $0.2913 would increase bullish impetus, thereby increasing the probability of reaching $0.3178, $0.3325, and $0.3583.
If the momentum increases further, the resistance levels at $0.3683 and $0.5194 may also come into sight, according to More Crypto Online, a crypto expert.
Technical Indicators Support Upward Trend Continuation
As per the technical indicator perspective, the RSI (RSI 14) is at 65.44, while the moving average level of the same stands at 53.43.
Moving above the neutral 50 level, it is on its way towards hitting 70, which shows increasing buying interest and a strong bullish surge.
MACD is bullish, with the MACD Line at 0.01199 and the Signal Line at 0.00462. Histogram readings have been extended to 0.00737, showing that positive momentum is increasing.
Positive crossover of MACD and rising histogram readings show that buyers remain in control, keeping the possibility of upside intact.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: FET Price Bullish Breakout Targets $0.55 as Accumulation Phase Strengthens
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