MARKET UPDATE AND TRADE SETUP: $FET
$FET is currently trading near 0.1963, holding just above the lower boundary of a descending channel that has consistently pushed price lower since late March, without any significant breakout attempts.
Price recently dipped to 0.1910, sweeping liquidity at the channel bottom, followed by a minor rebound. However, it continues to trade below the 0.2000 level, which previously acted as a key support and is now a resistance zone—indicating a weakened market structure.
As long as price remains below the channel resistance and the 0.2050 level, the overall outlook stays bearish, with any short-term bounce likely to face selling pressure.
A confirmed breakout above the upper channel boundary would be the first indication of a potential trend shift. On the downside, losing the 0.1910 support would likely extend the current downtrend toward lower levels.
Possible Trade Setup : -
Bearish Scenario
* Entry: Rejection near 0.2000 – 0.2050
* Target: 0.1910 → 0.1850
* Stop Loss: Above 0.2070
Bullish Scenario (Confirmation-Based):
* Entry: Break & close above 0.2050 + channel breakout
* Target: 0.2150 → 0.2250
* Invalidation: Back below 0.2000
$FET is currently trading near 0.1963, holding just above the lower boundary of a descending channel that has consistently pushed price lower since late March, without any significant breakout attempts.
Price recently dipped to 0.1910, sweeping liquidity at the channel bottom, followed by a minor rebound. However, it continues to trade below the 0.2000 level, which previously acted as a key support and is now a resistance zone—indicating a weakened market structure.
As long as price remains below the channel resistance and the 0.2050 level, the overall outlook stays bearish, with any short-term bounce likely to face selling pressure.
A confirmed breakout above the upper channel boundary would be the first indication of a potential trend shift. On the downside, losing the 0.1910 support would likely extend the current downtrend toward lower levels.
Possible Trade Setup : -
Bearish Scenario
* Entry: Rejection near 0.2000 – 0.2050
* Target: 0.1910 → 0.1850
* Stop Loss: Above 0.2070
Bullish Scenario (Confirmation-Based):
* Entry: Break & close above 0.2050 + channel breakout
* Target: 0.2150 → 0.2250
* Invalidation: Back below 0.2000