FET is primed for an upside

Hypothesis

FET has been one of the highlights of this cycle, and it's an asset I will be keeping a very close eye on to provide potential high-quality setups.

Technical analysis

Okay, so we had a nice, strong, bullish move into 3.10 before selling off and finding the floor of the range, which is now our LOI, being 2.38.

As you can see, it was the floor of the wedge pattern we burst out of with extreme significance, and now price has retraced to test the back of the bearish trendline; it's beautiful to see TA play out like this.

I do think the market may come back down to find the floor and further demand at the LOI before riding higher.

Play for traders

Leveraged players: Allow a retracement to the LOI; a limit order could be placed there; if so, protect capital with a stop loss of around 2.0940, as you can see placed on the charts.

Spot Play: Accumulating within this price range is also a good idea. I think we have much more upside; always remember that Total3 isn't in price discovery yet, which is very significant. But to take advantage of the best price, definitely look to allow a retracement and be more aggressive in and around the buy box.

Play for investors

Similar to the spot play, in the sense that while we are trapped within this range, it's best to look to accumulate here.

Cryptonary's take

It's about patience here.

Yes, we have seen a bullish reaction from the back of the bearish trendline, but also bear in mind that we have the potential for a strong pull down to the LOI.

This is one to keep a very close eye on.