TradeCityPro | FET : Will the AI Crypto Trend Reignite?
2024-11-22

👋 Welcome to TradeCity Pro! 
In this analysis, we’ll examine FET Coin, a prominent AI crypto project that gained substantial traction following the rise of AI models like ChatGPT.

 📅 Weekly Timeframe: Consolidation and Correction After a Bullish Run 
On the weekly chart, the AI crypto trend led to significant buying volume for FET, driving its price up by 5000% from early 2023 to a new high at $0.283. Currently, the price is in a correction phase.

📈 Throughout its uptrend, the price has followed a trendline. Now that the price has returned to this line, the key question is whether the trendline will hold or break. If a candle closes below this trendline, the trend reversal will likely be confirmed with the break of the $0.852 support level.

🧩 Additionally, the SMA99 has historically acted as a dynamic support, sitting below the candles over the past year. If the price revisits this SMA, it could act as a support level again. However, a break of both the SMA and the $0.852 level would confirm a bearish reversal.

📊 On the RSI, the critical level of 37.74 has prevented further declines twice already. A break of this support would signal a loss of bullish momentum.

🌱 Conversely, if the RSI surpasses 55.17, bullish momentum and significant buying volumes could return to the market. In the event of a breakout above the all-time high at $2.83, Fibonacci projections suggest long-term targets at $10.225 and $20.235. However, these targets are symbolic and contingent on the trend continuing. If the trend reverses before these targets are reached, exiting positions early would be prudent.



 📅 Daily Timeframe: At the Apex of the Triangle 
On the daily chart, the price is forming a symmetrical triangle, created by the confluence of a descending trendline and the ascending weekly trendline.

🔍 A breakout in either direction will determine the price movement for the coming weeks. Given the higher credibility of the ascending trendline due to its longevity, the probability of breaking the descending trendline increases.

🔼 If the descending trendline is broken to the upside, expect bullish movement, and $1.802 serves as an ideal trigger for entering spot or long-term futures positions. Resistance levels to watch are at $2.263 and $2.543.

📉 However, if the descending trendline holds and the $1.053 trigger is breached, this would confirm a bearish Medium Wave Cycle (MWC). The next support would be at $0.784.

⚖️ Given the proximity to the triangle's apex, oscillators and indicators may provide unreliable data, so they were not considered in this timeframe analysis.

 👑 FET/BTC Pair: Symmetrical Triangle Breakdown 
On the FET/BTC chart, a symmetrical triangle has already broken to the downside, with the breakout trigger at 0.00001386 now activated.

🎯 Currently, the trend appears bearish, with the next support levels at 0.00001221 and 0.00001001. If the RSI drops below 30, expect even stronger bearish momentum.

🔑 Conversely, if the resistance at 0.00001886 is broken, bullish momentum and volume may enter the market. In this case, potential upside targets are at 0.00002655 and 0.00006840.



 📝 Final Thoughts 

 This analysis reflects our opinions and is not financial advice .

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