Bearish Momentum Dominates Fet Crypto with Key Resistance Levels in Focus

The #Fet crypto has been experiencing significant volatility on the 4-hour chart, with recent closing prices indicating a downward trend. The current price action shows a strong bearish momentum, which is confirmed by several technical indicators.

The #Fetch.ai price is facing immediate resistance at $2.156, with additional resistance levels at $2.3783 and $2.4909. These levels are critical for any potential upward movement, and breaking above them could signal a reversal in the current downtrend. On the downside, the support levels to watch are $0.622, $0.5599, and $0.5245. These levels are crucial as they provide a potential floor for the price, preventing further declines.

The 9 and 20 Exponential Moving Averages (EMAs) are currently in a bearish alignment, with the 9 EMA below the 20 EMA. This alignment typically indicates a continuation of the bearish trend. The EMAs are also pointing downwards, suggesting that the selling pressure is still strong.

The Moving Average Convergence Divergence (MACD) indicator is showing a bearish divergence. More specifically, the MACD line is below the signal line, and the histogram is also in negative territory. This pattern suggests that the downward momentum is likely to continue. Meanwhile, the increasing distance between the MACD line and the signal line further supports the bearish outlook.

The Relative Strength Index (RSI) is currently below 30, indicating that the $FET crypto is in oversold territory. While this typically signals a potential for a bullish reversal, the persistent low RSI values suggest that the selling pressure is still dominant. Traders should be cautious and look for additional confirmation before considering a long position. #TrendingPredictions #BullorBear
The full analysis and trade strategy were originally posted on ecoinimist.com.