ShifatIslam001

$FET
The coin has shown a great impulse and is holding steadily on its current trend. The buyer is showing exceptional strength and high volumes. We’ve completed a full cycle of wave structure and have entered a new cycle. Currently, we are likely in the first wave of the 53535 structure. Long positions have broken through several configurations of the bearish triangle, indicating interest in the asset.

The MA 50 has moved above the chart. While the asset's movement dynamics are positive, there is a high likelihood of the trend line moving below the chart and converting into additional support for the asset. Over the last five candles, we’ve formed two bullish engulfings, adding strength to the buyer. We’ve managed to consolidate above the 382 Fib retracement and the 618 Fib retracement, creating ample support levels for the asset at the bottom of the chart.

The decrease in trading volumes is slightly concerning, as they have significantly dropped, and popular indicators (MACD, Stochastic oscillator, RSI, etc.) are slightly overbought. The key support level for the trend is at $1.7357 (just below the 0.5 Fib retracement levels). Losing this level will lead to entering a global gap area and a significant correction of 30%+.

The Volume Delta indicator indicates a positive trading delta, emphasizing the predominance of buyers in the asset. The Choppiness Index (CHOP) indicator confidently broke 50 points and is rapidly decreasing, indicating a low probability of trend roughness and therefore high volatility in the asset. The DMI indicator line in positive direction (+DI) and the DMI indicator line in negative direction (-DI) are both steadily rising together, creating favorable conditions for the asset.

Finally, the buyer has a great situation. It is important to maintain the local support at $2.0088 (round number area of $2). Even if this’s lost, it shouldn't be a major concern. The key level is at $1.7392. Losing this support would lead to the cancellation of the bullish trend.
$FET
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