FETCH.AI FET Price News: Technical Analysis, Elliott Wave, and Prediction

Table of Contents

1. Introduction
2. Analysis of Fet's Support Levels
3. The Concept of Wave Two and Wave C
4. The Uncertainty of Micro Counts
5. Determining Relevant Targets for the C Wave
6. Minimum Expectations for Extension Points
7. The First Target: Beginning of the Wedge
8. The 1.618 Extension Level
9. The Volatility of Altcoin Markets
10. Conclusion

Introduction

Welcome to another update on the Current state of Fet. In this video, we will analyze Fet's support levels, discuss the concept of wave two and wave C, explore the uncertainty of micro counts, determine relevant targets for the C wave, and examine the volatility of altcoin markets. Let's dive in!

Analysis of Fet's Support Levels

Fet has recently found support in the orange support area, reacting twice to the orange support box. This is a positive sign, but it is not enough to confirm a lasting low. Our base case Scenario suggests that Fet is currently in wave two, with an A wave, B wave, and C wave. We will closely monitor any rally as a potential C wave in a larger B wave.

The Concept of Wave Two and Wave C

Wave two is a retracement wave that typically follows wave one. Within wave two, there are usually three sub-waves: A, B, and C. Identifying the micro count of Fet can be challenging, but it is more important to determine the relevant support levels for the overall wave two structure.

The Uncertainty of Micro Counts

While the micro count of Fet may be unclear, it is crucial to focus on identifying the relevant support levels. A good guideline is to consider the 50% retracement level, which currently stands at 20.6 cents. A sustained break below this level could indicate a potential breakdown.

Determining Relevant Targets for the C Wave

To estimate relevant targets for the C wave, we can consider the standard resistance area between 32.5 cents and 46.3 cents. However, it is difficult to specify the exact Height of the C wave, as larger B waves can vary in length. Our minimum expectation has already been reached at the one-to-one ratio, which stands at 24.6 cents.

Minimum Expectations for Extension Points

Despite reaching the minimum expectation for extension points, we prefer the C wave to go slightly higher. The next target is the beginning of the wedge, located around 28 cents. This level serves as the first target for a wedge breakout.

The First Target: Beginning of the Wedge

As Mentioned earlier, the first target for a wedge breakout is typically the beginning of the wedge. For Fet, this target is around 27.9 to 28 cents. Testing this level will provide further insights into the continuation of the rally.

The 1.618 Extension Level

Another relevant target for the C wave is the 1.618 extension level, which stands at 31.4 cents. If Fet manages to hold its support levels, it could reach these levels.

The Volatility of Altcoin Markets

It is important to note that altcoin markets can be highly volatile, especially in the current situation. While the occasional pumps may occur, they are often short-lived and weak. Traders and investors should remain cautious and closely monitor market movements.

Conclusion

In conclusion, Fet has shown promising signs of finding support and initiating a potential C wave rally. However, it is critical to keep an eye on the relevant support levels, as a sustained break below these levels could indicate a breakdown. Targets for the C wave include the beginning of the wedge and the 1.618 extension level. As with all altcoin markets, volatility remains a key factor to consider. Stay informed and make calculated decisions when navigating the market.