---$FET
๐ FET/USDT Technical Analysis: Breakout in Progress?
Chart Overview
The FET/USDT price has seen a strong 7.73% rise, currently trading at $1.538. This price action is shaping an interesting breakout scenario on the daily time frame. Letโs dive deeper into the key zones and possible future movement.
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Key Levels
1. Support Zone:
The support zone is well-defined around $0.50 - $0.60, which has historically acted as a strong floor for price action. Buyers have consistently stepped in at this level, preventing further downside.
2. Resistance Zone:
The critical resistance zone sits between $2.00 - $2.50, where sellers have previously dominated, causing multiple rejections. This zone will be a significant hurdle for the bulls.
3. Trendline Break:
The chart displays a descending trendline (white), which has been acting as resistance for months. The recent price movement shows that FET has decisively broken above this trendline, a strong bullish signal.
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Price Action
Bullish Breakout:
The breakout above the descending trendline is reinforced by strong volume, indicating that buyers are in control. The retest of the resistance zone around $1.50 could act as confirmation for a continued upward trend.
Golden Cross Signal:
A notable golden cross (circled in yellow) is forming, suggesting that the shorter moving average is crossing above the longer moving average. This is often a precursor to extended bullish rallies.
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Next Targets
If the breakout sustains and momentum continues:
First Target: $2.00 (psychological level and resistance zone).
Second Target: $2.50 (top of the resistance range).
Long-Term Target: $3.50 (previous highs in March 2024).
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Risk Management
While the breakout looks promising, traders should remain cautious:
Stop-Loss: Consider placing a stop-loss below the breakout zone at $1.30.
Confirmation: Wait for a daily candle close above the resistance to confirm the breakout.
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Final Thoughts
The current breakout presents a lucrative opportunity for FET/USDT. However, market conditions can change rapidly, so always manage your risk effectively. With strong fundamentals backing Fetch.ai and this technical breakout, this setup is one to watch closely.
What are your thoughts on FETโs next move? Let us know in the comments below!
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