FET 8H – Descending Channel at Lower Boundary AgainFetch.AI / TetherUSBINANCE:FETUSDTBKVIPFET on the 8H timeframe is currently trading around 0.2108 after grinding lower inside a descending channel since the June high near 0.2235, with price now pressing into the lower channel boundary near 0.1320–0.1360 following an acceleration lower through late July and early August that broke through the 0.1380–0.1400 horizontal floor. The chart shows a descending channel from the June 17 high near 0.2235, with the upper trendline connecting that high through the July 9 recovery near 0.1880 and the July 25 high near 0.1600, while the lower trendline caught the June 24 low near 0.1620 and has been declining steadily into the 0.1320–0.1360 area currently. Price respected the upper trendline consistently across every recovery attempt without a single close above it, with the July 9 bounce toward 0.1880 being the largest before the upper boundary rejected it and drove price into a persistent grind lower. A horizontal reference near 0.1380–0.1400 held as a floor through late July before being broken in early August as price accelerated into the lower channel boundary. The current candle is sitting directly at the lower trendline near 0.1320–0.1360 after the first meaningful breakdown through the 0.1380–0.1400 support. The lower channel boundary has not been tested since the June 24 origin point, making this the first meaningful test of the lower trendline in over six weeks following a decline that has been relentless and without a sustained bounce at any level. Key Levels To Watch → 0.2200–0.2235 June high, major resistance above → 0.1850–0.1900 Prior recovery high, resistance → 0.1580–0.1620 Mid-channel resistance zone → 0.1460–0.1480 Descending upper trendline, overhead resistance (dynamic) → 0.1380–0.1400 Broken horizontal support, now resistance → 0.1320–0.1360 Lower channel boundary, current test → Below 0.1280 Channel breakdown, extended downside A hold at the lower channel boundary near 0.1320–0.1360 and a recovery back above 0.1380–0.1400 would suggest the lower boundary is providing meaningful support and keep the channel structure intact, opening a move toward the mid-channel zone near 0.1460–0.1480 and the descending upper trendline above. A confirmed 8H close below the lower channel boundary near 0.1320 would signal a full channel breakdown after six weeks of contained selling pressure, removing the only remaining structural support and opening downside toward 0.1280 and below with no clear levels visible beneath. First lower boundary test after six weeks of relentless decline, structure at its most critical point. Hold 0.1320–0.1360 → channel intact, recovery open toward 0.1380–0.1460. Lose 0.1320 on confirmed close → channel breakdown, downside toward 0.1280 and below. Bias bearish inside descending channel. Shift only on confirmed break above descending upper trendline.