Key Insights
- FET trades at the top of the 670-day range, mirroring the 2021 rally that delivered 1,175% gains.
- Breakout above $0.92 remains critical; current structure reflects ongoing consolidation and lower highs.
- Chart setup resembles ADA and INJ pre-rallies, but traders await volume confirmation and resistance break.
Fetch.ai (FET) is drawing increased attention as traders focus on a chart pattern that resembles its historic 2021 bull cycle. Analysts are observing price behavior near long-standing support levels, as market participants assess the possibility of a breakout.
670 Days of Accumulation Sets the Stage
A chart shared by Crypto NL shows FET trading within a prolonged accumulation phase that has lasted over 670 days. This structure mirrors the 2021 setup, where a 581-day accumulation led to a 1,175% rally. Price is currently sitting at the top of this accumulation zone, around $0.685.
A downward-sloping red trendline defines the resistance level of this multi-month range. A breakout above this line, combined with strong volume, could signal a shift in momentum. “A break above the red line could send it fast,” the analyst noted, pointing to a green arrow projection that leads toward a $7.5 price target.
Resistance Zone at $0.92 Remains Key
Crypto Monkey added that a sustained move won’t materialize without a weekly close above $0.92. The $0.92–$0.95 region is marked as a strong resistance zone, where previous breakdowns occurred. Until this area is reclaimed, the chart structure remains neutral.
FET is currently trading at $0.6736, down 3.96% for the week. Price continues to form lower highs, indicating buyer caution. Recent weekly candles show indecision, reinforcing the need for a confirmed breakout above the $0.92 resistance before larger moves can develop.
Pattern Resembles Historical Rally
The 2021 bull cycle saw FET rise more than 1,100% after a similar long accumulation. The current structure shows comparable duration, with 96 weekly bars marking the ongoing consolidation. If a breakout above resistance occurs, historical symmetry could support another steep climb.
Crypto NL stated that the setup “looks very similar” to past patterns in other altcoins like ADA and INJ, which also experienced large moves after extended consolidations. However, the breakout remains unconfirmed until the trendline and $0.92 barrier are cleared with strength.
Market Awaits Confirmation
Until FET closes above key levels, traders are expected to remain cautious. The structure still allows for sideways movement between $0.55 and $0.92. Confirmation will require both a price breakout and a clear shift in volume and trend behavior.
FET’s current chart structure presents potential, but technical validation is still needed. As the asset approaches the apex of its triangle pattern, market participants are closely watching for confirmation of a trend reversal.
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Source: https://coincu.com/analysis/fet-breakout-loading-670/