FET Tests Key Support at $0.1558 — Breakdown Risks $0.1340 and $0.0453
FET (FET/USDT) remains in a clear downtrend and is testing a critical support zone at $0.1558. Short-term indicators are bearish: price sits below EMA20 (≈$0.19), Supertrend resistance near $0.21, and RSI shows oversold conditions (~30–33). Earlier updates showed price around $0.19–$0.17 with strong supports at $0.1694–$0.1848 and correlation to Bitcoin; the latest update shows further weakness, with the spot level near $0.1666 and the $0.1558 support now the key pivot. Analysts identify primary support at $0.1558 and a secondary invalidation/breakdown level at $0.1340 (also aligned with weekly demand and EMA50). A confirmed break below $0.1340 would likely accelerate downside toward a lower target near $0.0453. Near-term resistance is $0.1611, with stronger resistance in the $0.19–$0.21 band; upside targets on a sustained breakout include $0.2971. Liquidity mapping highlights stop-hunt risk below $0.1558 and sell-side liquidity between $0.1611–$0.19, increasing the chance of swift moves from low-volume nodes around $0.16. FET’s price remains highly correlated with Bitcoin; further BTC weakness (key supports cited ~ $68,343 and $62,910) would heighten downside risk. Trading plan for traders: maintain a cautious bias — hold above $0.1558 to favor short-term longs (targets $0.1611–$0.19, stop ~$0.1540); below $0.1558 favors shorts (target $0.1340, stop ~$0.1620). Strict risk management and confirmation by volume are recommended. This is market commentary and not investment advice.
Bearish
The combined updates point to sustained bearish momentum for FET. Price is below key moving averages (EMA20) and technical indicators show oversold but weak price action, not immediate signs of a reversal. The market is testing a critical support at $0.1558; a confirmed break below the secondary invalidation level $0.1340 would likely trigger accelerated selling toward much lower targets (~$0.0453). Liquidity mapping and identified sell-side levels between $0.1611–$0.19 increase the probability of sharp moves and stop-hunts around low-volume nodes near $0.16. High correlation with Bitcoin amplifies downside risk if BTC loses its supports. Short-term traders should expect higher volatility and favor short positions or cautious, volume-confirmed long scalps only while $0.1558 holds. In the medium-to-long term, unless price reclaims EMA20 and clears resistance around $0.19–$0.21 with volume, the bias remains negative and the path of least resistance is downward.