🟢🟢🟢 Fetch.ai (FET) Technical Analysis 🟢🟢🟢
The chart shows the exchange rate of Fetch.ai (FET) against USDT on the Binance platform. Let's look at the key aspects:
Trend Line Pattern 📉:
The graph shows a downward trend that has continued since April.
The recent bounce from support shows the possibility of a temporary recovery.
Indicator 🛠:
Moving averages (MA):
MA (25) at 1.826
MA (99) at 2.272
SAR (Stop and Reverse): 1.104, which shows a downward trend.
Ichimoku:
The current cloud (Kumo) is showing a bearish signal as the price is under the cloud.
Support and Resistance 🔺:
The support level is in the range of 1.104 - 1.430, indicated by the purple area on the chart.
The resistance level is located at 1.907, which is a key point for the bulls.
Trading Volumes 📊:
Trading volumes show some activity, which confirms the current downward trend.
Current volume (SMA 9): 36.195M, indicating significant sales volumes.
📝 Conclusion:
Current technical analysis shows that the FET asset is under pressure, however, a rebound from the support level is possible. The following support and resistance levels are key for further analysis and trading decisions.
📈 Bullish Scenario:
A break above 1.578 with volume support could lead to an attempt to overcome the 1.826 level and a potential rise to 2.272.
📉 Bearish Script:
If the price fails to hold the level of 1.430, then a further decline and testing of lower support levels is possible.
📢 Binance Announcement:
Binance will support the token merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX). Trading will begin on 2024-07-05 at 08:00 (UTC) for ASI spot trading pairs. Pay attention to the risks when trading.
Be careful and monitor market conditions to respond to changes in a timely manner! 🚀
