$FET Token Technical Analysis
Current Market Outlook:
The $FET /USDT chart displays a strong bullish trend, supported by the recent price surge and positive momentum. The formation of a bullish candle pattern suggests a potential upward movement.
Trade Entry Levels:
* Long Entry: Consider a long position at the current price level or a slight pullback to the nearest support level (around 1.755).
* Short Entry: While the current trend is bullish, a cautious short position could be considered if the price retraces to the resistance level (around 1.961) and shows signs of rejection.
Target Levels:
* Long Target: The initial target for a long position is the next resistance level at 1.961. A more aggressive target could be the psychological level of 2.0000.
* Short Target: For a short position, the initial target would be the nearest support level at 1.755.
Stop Loss Levels:
* Long Stop Loss: Place a stop-loss order below the recent swing low (around 1.675) to protect profits from potential downside reversals.
* Short Stop Loss: Set a stop-loss order above the recent swing high (around 1.994) to limit losses in case of a sudden upward movement.
Leverage:
Leverage can amplify both profits and losses. Use leverage judiciously and consider your risk tolerance. A 2x to 5x leverage could be suitable for this trade, depending on your risk profile.
Note: Technical analysis is not foolproof, and market conditions can change rapidly. Always conduct thorough research and consider consulting with a financial advisor before making investment decisions.
