FET Price Holds $0.70 Support While Elliott Wave Charts Target $6.07

FET trades near $0.70 after falling 6.20 percent while analysts track Elliott Wave projections.

The Elliott pattern maps a fifth wave rally that could reach the projected target of $6.0785.

Holding support near $0.70 is seen as critical for FET to maintain a path toward higher levels.

FET price is navigating a critical phase, with Elliott Wave patterns pointing toward a possible $6.07 target if bullish conditions hold. Current trading sits near $0.70 after a notable 6.20% intraday decline, raising attention to short-term support levels.

Elliott Wave Structure and Market Behavior

The chart indicates a detailed Elliott Wave cycle with clear impulsive and corrective phases. The primary wave sequence projects a fifth wave peak at $6.0785, aligning with potential bullish continuation.

The sequence began with an initial impulse around 2022, followed by a corrective wave two, then another strong upward surge into 2023. This pattern developed into a corrective phase marked as wave four, forming sub-waves (a), (b), and (c).

Current movement suggests a completed correction, positioning FET for a potential fifth wave advance. Historical cycles show similar structures where corrections set up strong rallies. Technical traders are now watching for confirmation of upward momentum within this setup.

Volume and price action remain critical. Stronger demand would be needed to validate the move toward higher targets, particularly beyond $1 and toward multi-dollar resistance zones.

Support Zones and Resistance Targets

Price action currently tests support near $0.70, following a rejection from intraday highs at $0.7517. The market closed near $0.7051, reflecting selling pressure. This aligns with a broad consolidation channel where buyers and sellers continue to compete.

If $0.70 holds, the next structural target is $1, acting as a psychological level before further upside attempts. Beyond that, resistance clusters appear near $3.00, marking the midpoint of the outlined price channel.

The Elliott projection identifies $6.0785 as the extended target, aligned with the completion of the fifth wave cycle. Traders view this as a decisive level, indicating whether FET can sustain its bullish trajectory.

Failure to defend $0.70 could drag price into deeper retracements. Volume profile analysis highlights a potential drop toward $0.50 if bearish momentum strengthens. In such a case, recovery to higher Fibonacci levels may take longer.

Market Indicators and Pivotal Question

Technical oscillators show mixed conditions. The stochastic RSI suggests oversold signals, while momentum oscillators reveal potential for renewed upward pressure. These tools indicate that market participants are weighing short-term corrections against broader bullish possibilities.

The visible volume profile also illustrates areas of accumulation and liquidity. Major support bands are clustered below $1, signaling demand zones where buyers previously entered aggressively. Above, resistance levels remain significant until broken decisively by strong market action.

The Elliott structure provides a roadmap, yet execution depends on real-time participation. Traders await evidence of increased volume and consistent buying pressure to confirm the projected fifth wave expansion.

The pivotal question remains: can FET maintain its current support and rally toward $6.07, or will sellers reclaim control?