Altcoin Sherpa, a top crypto trader and analyst, has highlighted the potential bullish reversal in the FET chart. Emphasizing the need for the daily market structure in a tweet, Altcoin Sherpa hinted that a higher low might have already developed and a higher high might be just around the corner.
This signals a possible trend shift for FET, especially if key resistance levels are breached. Moreover, FET has had a notable price surge over the last day and week.
Per Coingecko data at publication, FET trades at $1.39. The token’s value has increased by 3.24% in the last day and 23.83% over the week.
What you'll learn 👉
FET Pattern Signals Possible Breakout
The chart shared by Altcoin Sherpa showcases a potential “cup and handle” formation, which is a bullish pattern often signaling a reversal in price trends. The current price action indicates that FET is approaching a critical resistance zone around $1.47 to $1.50.
If the price breaks through this horizontal resistance level, it could confirm the bullish reversal. This pattern, combined with increased trading volume, suggests that buyers are gaining momentum, further supporting a possible breakout in the coming days.
200-Day Moving Average and Resistance Levels
One of the key indicators to watch is the 200-day SMA, which is currently acting as a resistance zone for FET. As the price remains slightly below this crucial levels, traders should wait for a decisive breakout above this level to confirm a bullish trend shift.
If FET can surpass the 200-SMA with substantial volume, it could pave the way for continued upward movement. However, failure to do so might result in a pullback, leading to further consolidation near the resistance level.
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Higher Lows and Growing Volume
Altcoin Sherpa also pointed out the formation of higher lows in the FET price chart. These higher lows, observed in August and early September, increase the likelihood of a higher high forming. This is critical for confirming a bullish market structure.
Additionally, the recent surge in volume indicates growing interest in FET, which could support the continuation of its upward trend if resistance levels are successfully breached.
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