Nov 18, 2024
6thTrade
Fetch.ai (FET) is approaching a crucial buy zone at $1.20 after breaking through a long-term downtrend line, signaling a potential trend reversal. Analysts believe the $2.00 price target is within reach if support at $1.20 holds and bullish momentum builds.
Breakout and Retest Suggest Reversal
On the daily chart, FET recently broke out of a prolonged bearish trend, crossing its downtrend line for the first time in months. After the breakout, the price retraced to retest the previous downtrend line, a move that could confirm the reversal if buyers step in at this level.
The Money Flow Index (MFI) stands at 42.06, indicating neutral pressure between buyers and sellers. A rise in MFI could signal increasing buying interest, supporting further price gains.
$1.20 Buy Zone: A Critical Support Level
According to technical analysis by Cryptodoc_, the $1.20 buy zone represents a significant support level based on prior price consolidations. This area has seen strong buying interest in the past, making it a key level for traders seeking long-term positions.
If FET maintains support above $1.20, the downside risk is limited, strengthening the case for a bullish outlook. However, failure to hold above this level could push the price lower, with the next major support at $1.00.
Targeting $2.00: Potential Upside
If the $1.20 support holds and bullish sentiment continues, analysts predict FET could rally to $2.00. This level, highlighted as a key resistance zone on the chart, may attract profit-taking, but it remains an achievable target for traders.
Long-Term Perspective
Cryptodoc_ remains optimistic about FET’s prospects, stating, “Fetch.ai is a long-term HODL, and we have been in it since $0.08.” The analyst emphasizes that the $1.20 buy zone provides a strong foundation for long-term investors, with $2.00 as the next major milestone.
With a solid technical setup and growing interest in the $1.20 buy zone, FET’s price action is closely watched by traders. Whether it breaks through to $2.00 or retraces further will depend on its ability to sustain support and attract continued buying momentum.
