FET - Consolidation nearly over?
FETUSD The volume-weighted moving average (VWMA) anchored to the October 2023 momentum breakout has acted as support. FET is now testing the Anchored VWAP (AVWAP) from the beginning of the December 2023 consolidation. When it cleared this AVWAP in February, it went on to make a 400% move to the March high. FET has also reclaimed its 21 VWMA and 200 SMA. The 200WMA:200SMA cloud is positive, and it is testing the 50 EMA and 200 WMA. We also have a positive signal crossover on the LMACD and the composite index.These are all favorable signs, but I will look for additional confirmation before making a move. I'd like to see it clear the AVWAP from the March high and clear and retest the 0.618-0.786 Fibonacci retracement levels. This suggests a potential for gains in the $3.00-$3.50 range at the lower end, with the possibility of reaching a new high in the $4-$5 range. This scenario would be invalidated and require new analysis if we see a move below ~$1.25.
Don't forget that we also have the coin merger with OCEAN and AGIX into FET in July, followed by a conversion to ASI. Depending on how the merger goes and other market conditions, this news event could be a short-term catalyst for either a move higher or a panic selloff. I remain very optimistic about the long-term opportunity.
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