- FET has been forming a falling wedge pattern from mid-2021 through 2024, marked by lower highs and lower lows.
- Bullish divergence on the MACD indicates rising momentum despite price declining, suggesting potential trend shift.
- Major resistance levels are located at $2.00 and $3.15, standing as future checkpoints above current trading levels.
Fetch.ai’s native token, FET, has remained under pressure for several months, with recent chart activity revealing a prolonged falling wedge formation. This structure developed after the token reached highs above $3.50, following a significant rally during late 2020 and early 2021. Since then, FET entered a broad downtrend marked by consistent lower highs and lower lows. The wedge spans from mid-2021 through 2024, compressing the price into a narrowing range.
Downward Compression Builds Within Multi-Year Wedge
According to analysis prepared by Javon Marks, the falling wedge shows price declining at a controlled pace, with the upper boundary falling faster than the lower boundary. Each rally during this period faced rejection at the descending resistance line, forming a repeated ceiling for upward movement. One attempt brought price near $2.50 before it was pushed back. Another advance tried to break resistance but did not hold, keeping the wedge formation intact.
Despite several short-term surges, the larger trend maintained downward pressure. Sellers continued to dominate over broader timeframes, causing failed rebound attempts. However, this steady compression has brought the asset toward a potential breakout phase, with price volatility tightening in recent months.
Current Price Tests Wedge Support With Momentum Shift
FET now trades near $0.68, moving slightly higher from the lower boundary of the wedge. The price action shows a possible stabilization, with trading confined inside the narrowing pattern. Momentum indicators have also shown a change.
The MACD displayed bullish divergence, where momentum moved upward as price declined further. This divergence reflects growing pressure within the wedge and a possible shift in trend behavior.
As the pattern continues to compress, market attention has turned to the upper wedge resistance. The price remains beneath this line, but repeated testing has occurred. Each attempt has failed so far, but the structure continues to tighten.
Historical Peak Followed by Prolonged Decline
FET’s historical chart shows a steep rally between late 2020 and early 2021. During this period, the token surged from near $0.10 to over $3.50, gaining over 3,000%. That rise was followed by sharp corrections and increasing volatility.
The long decline that followed created the basis for the wedge. From 2022 to 2023, rebound attempts were brief, with sellers regaining control each time. Two reference levels remain significant on the chart.
The first sits at $2.00, positioned above the wedge structure. The second is $3.15, located closer to prior resistance zones from the 2021 rally. These levels stand well above the current market price and serve as future checkpoints in the event of upward continuation.
