FET Crypto Faces Bearish Trend: Key Levels to Watch

The #Fet crypto price has exhibited a notable range of movements on the 4-hour chart, with closing prices recently fluctuating between $1.138 and $1.166. Despite this range, the overall trend appears to be bearish, influenced by several technical indicators pointing to downward pressure.

Exponential Moving Averages (EMAs) reflect this bearish sentiment. The 9 EMA has been consistently below the 20 EMA, suggesting that short-term price action is weaker compared to the longer term. This convergence of the EMAs signals a potential continuation of the bearish trend unless a significant upward movement occurs.

For traders eyeing potential movements, the resistance level at $1.189 is a short-term point where selling pressure might intensify. Further resistance can be observed at $1.206 and $1.212, serving as more substantial barriers that could challenge bullish efforts. On the support side, $1.112 is an immediate level where buyers might step in to prevent further decline. If the price breaks below this, $1.109 and $1.101 are critical support zones that, if breached, could lead to accelerated selling pressure.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator further underscores the bearish outlook. The MACD line is below the signal line, and the histogram is in negative territory. This configuration typically indicates selling momentum, suggesting that price might continue to face downward pressure. Additionally, the Relative Strength Index (RSI) has hovered around 30-35, reflecting a bearish stance but also suggesting that the asset might be approaching oversold conditions. An RSI below 30 often indicates that the market could see a short-term bounce due to oversold pressures. $FET #FET #altcoins The full analysis and trade strategy were posted on www.ecoinimist.com.