Fetch.ai’s FET token rebounds after breaking its prolonged downtrend
Fetch.ai’s FET token has shown signs of recovery after a recent slump. Data from CoinGecko reveals a 13.67% daily gain and a 20.67% weekly increase, with trading volumes rising sharply. The shift follows a technical break in its downtrend pattern, catching the attention of stock market watchers.
The token’s price action halted a prolonged decline by breaking its daily sequence of lower highs. Former resistance levels now act as support, suggesting a short-term reversal in momentum. Analysts note that weekly charts display a downside deviation, with prices quickly bouncing back into a historically reactive range.
EliZ, a well-known pseudonymous crypto analyst on X (@EliZcrypto), has tracked FET’s movements closely since at least 2023. Their assessments highlight easing selling pressure and a clearer risk-reward setup. However, the current shift does not yet signal a broader stock market trend reversal. At present, FET trades at $0.2623, reflecting renewed buyer interest. The price movement aligns with EliZ’s observations, where defined support levels have helped stabilise the token’s trajectory.
FET’s recent rebound marks a pause in its downtrend, backed by stronger trading activity. The token’s ability to reclaim key resistance as support points to a short-term recovery. For now, traders are watching whether this momentum can hold or if broader stock market conditions will dictate the next move.
