VIP MARKET UPDATE:
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$FET is trading around the 0.2085 area after breaking below the ascending trendline that was highlighted in the last update and continuing lower inside a well defined descending channel that has been guiding price steadily downward since late March. Every rally attempt has been capped by the upper channel band and price is now pressing against the lower boundary, which is the only thing standing between current price and a deeper breakdown.
As long as FET stays below the upper channel resistance, currently descending toward the 0.2450 area, the structure remains bearish and any bounce is likely to get faded. A loss of the lower channel boundary around 0.2040 on a closing basis would accelerate the downside significantly, while only a clean break above the upper band would begin to shift the narrative away from bears.
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#FET