FET Price Tests Key Support Zone Amid Emerging Double Bottom Pattern

FET probes critical demand area with potential double bottom formation; mixed momentum indicators and declining moving averages keep broader trend bearish pending confirmation.

Woofun AI notes that FET price is testing a key demand zone following an extended decline, with early signs of a double bottom pattern emerging. The asset remains beneath several declining moving averages on higher timeframes, maintaining a broader bearish trend despite recent stabilization. Two reactions near the same support level have created the initial structure, but the neckline has not yet been reclaimed, leaving the pattern conditional.

Momentum indicators present conflicting signals: the weekly Stochastic RSI approaches oversold territory, suggesting stretched selling pressure, while the MACD remains bearish and RSI stays below bullish thresholds. Declining moving averages act as dynamic resistance above the current price. A successful defense of the green demand zone could facilitate a structural recovery, whereas a sustained breakdown would invalidate the setup and restore downside pressure.