- FET price forms a three-wave corrective structure within wave B.
- A break below $0.222 may confirm the start of wave C decline.
- Fibonacci levels at $0.2044 and $0.1739 act as key targets.
FET price is showing signs of weakness as a corrective wave pattern nears completion on lower timeframes. Analysts warn that the current three-wave structure may lead to further downside. A break below the $0.222 support level could confirm a shift into wave C, increasing the risk of a deeper pullback.
FET Price Forms Corrective Pattern on Lower Timeframes
FET price is showing a structured move that aligns with a corrective wave pattern on the 4-hour chart. According to TradingView data analyzed by More Crypto Online, the asset is forming a three-wave upward move within wave B. This structure often appears before a continuation in the opposite direction.
The current FET price action suggests the rally may not be a strong upward trend. Instead, it reflects a temporary recovery within a broader correction. Analysts note that such patterns tend to resolve lower once the corrective phase ends.
Key Fibonacci retracement levels provide additional context for this setup. The 38.20% level stands near $0.2044, while the 61.80% level sits around $0.1739. These levels often act as targets during corrective moves.
FET Price Faces Breakdown Risk Below Key Support
FET price is holding above the $0.222 support level, which remains a critical threshold. Analysts warn that a clear break below this level could confirm the start of wave C. This phase typically represents a stronger downward move within the broader structure.
The three-wave formation in wave B signals that the market may be nearing the end of its corrective bounce. Once this phase completes, selling pressure may increase. Traders often prepare for this transition by adjusting risk levels.
From my observation of similar setups, breakdowns after wave B tend to be sharp. The loss of key support often leads to rapid movement toward lower Fibonacci zones. In this case, the FET price could revisit levels near $0.20 or lower.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
