I'm going to push back a bit on the nature of fascism - because I don't think the Trans-movement has a foolproof system of thought at all - and from the outside at least it seems incoherent and inconsistent too. Part of the LGBTQ+ movement argues for being able to transition between two polar positions, whilst the other half is fine with smudging everything between into gender-non-conformity.
If an incoherent ideology is a pre-requisite for fascism then neither TERF or Trans ideology passes the test. Both, insisting at the point of absolutes that neither is capable of listening and both accusing each other of foul play.
I think reactionary politics can be about upholding the status quo, Naziism with its heavy focus on German nationalism wasn't this.... that's how the right wing generally work. Harping back to a better time. The left on the other hand, overthrow the status quo and issue new dictats on what people can and can't say, what is legal and illegal and force ideology in much the same way. This is progressive but eventually turns into the same sort of oppressive totalitarianism. Communism in Russia and China was like this.... China in particular with its emphasis on allowable language.
For those of us in the middle reading both Trans-writers who preach to a largely trans audience and Terf-writers doing the same to their theoretically feminist audience, the difference in direction is a moot point. Both groups aim to invoke feelings, emotions and reactionary sentiments. Both groups spend much of their time creating echo chambers and neither group should be trusted to debate in good faith.
There is a centre ground position which gets you accused of being both anti-trans and anti-feminist - which, to my mind at least, means I'm on the right track. :o)