$FET has been inside this downtrend since the highs back in early 2024. The good news is that this looks like one giant consolidation structure on the Weekly and remains intact. It's starting to find a new Stage 1 basing pattern near the lows now.

With that said, the Daily has a bit of downward pressure with this shaded squeeze right now underneath the track line. Local support underneath is what we should watch (teal line underneath), which sits at $0.1338. I'd watch for support to hold here if we do get a dip, but on the other hand, if it fails to hold, then we could continue right back into that Stage 4 downtrend again. Ultimately, we need this area to hold so we can build on this and reverse the trend back up. LTFs do have a bullish reversal in its favor right now, but things are still a bit weak. We need the market to recover a bit more.