- Fetch.ai (FET) is up 7% in the past 24 hours, recovering from last week’s 9% drop.
- Trading volume surged 33% to $135.35 million, showing renewed market interest.
- A cup and handle pattern is forming, with potential for a breakout toward $1.40.
- Reclaiming the 100-day moving average strengthens the bullish setup.
Fetch.ai (FET) is showing strong signs of a bullish reversal, riding the wave of renewed optimism in the broader crypto market. After facing a sharp pullback last week, dropping nearly 9% amid market-wide volatility, the token appears to be back on the recovery path, posting significant gains in the past 24 hours.
At the time of writing, the token is trading at $0.7842, marking a 7% increase within the past day. Trading volume has also surged by 33%, hitting $135.35 million, signaling a solid return of trader confidence and supporting the current upward momentum.
Technical Set-Up: Cup and Handle Pattern in Play?
From a technical standpoint, FET’s chart appears to be forming a massive cup and handle pattern, a historically bullish formation often seen before major breakouts. This pattern has been developing since early February. Initially, it seemed like a smaller structure was forming within it, but the recent dip, now looking like the “handle” portion, suggests a much larger formation is taking shape.
Importantly, FET has reclaimed its 100-day moving average (100DMA), completing the “cup” structure. The focus now shifts to the ongoing handle formation, which could set the stage for a powerful breakout.
If momentum continues to build, a move towards the local resistance level near $0.9087 could play out over the coming week or two. A successful breakout from this level could trigger an extended rally, potentially targeting $1.40 or higher, aligning with the extension zone of the pattern.
Bullish Signals on the 4-Hour Chart
Zooming in to the 4-hour timeframe, FET appears to be gearing up for a near-term bullish flip. Recent price action suggests the formation of local bottoms, hinting at growing support around current levels. While the exact timing of the handle’s completion remains uncertain, momentum indicators are leaning bullish, increasing the probability of a short-term move to the upside.
FET’s recent rebound comes as the overall crypto market enters a renewed bullish phase, with investor sentiment improving across major tokens. As confidence builds, Fetch.ai is positioning itself as one of the projects poised to benefit from this rising tide.
With volume, technical structure, and broader market momentum aligning, FET could be on the cusp of a strong breakout, making it one to watch in the coming days.
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