FET Price Analysis
FET has posted a staggering 40% gain over the past seven days, surging above $1 on Sunday to hit $1.35. However, its momentum has weakened this week, with sellers dragging down prices since Monday and buyers struggling to gain a foothold in the current trading session. FET has been bullish since August 19, posting a staggering 18.73% gain on Friday, breaking above its 50-day moving average and closing at $1.20. Bullish sentiment also prevailed over the weekend, with FET rising 4.98% on Saturday and a massive 7.74% on Sunday to close at $1.36.
However, FET also faced considerable volatility on Sunday as sellers attempted to push the price down to $1.10, while buyers could frustrate this attempt. Despite ending the weekend on a very positive note, FET fell into the red on Monday, falling 2.12% to $1.33. Buyers attempted a rebound on Tuesday, pushing FET to a daily high of $1.47, but lost momentum, allowing sellers to pull the price back. As a result, FET fell 3.59% to $1.28, with sellers firmly in control. The current trading session has seen buyers and sellers fight for control. FET fell to a daily low of $1.18, but has recovered and is currently trading at $1.28 due to low demand levels.
If the sellers continue to control the current trading session, they will try to push FET down to $1.10. However, buyers are expected to defend this level and the price may rebound from the 50-day SMA. If the buyers regain control, we might see FET make another attempt to fall towards $1.50.
Polygon (MATIC) Price Analysis
Polygon (MATIC) has plunged nearly 12% in the past 24 hours after the stock lost key support and fell below its 20-day and 50-day SMAs. MATIC had a fairly strong week prior, breaking through the $0.55 resistance level on Saturday and rising 6.12% to $0.57. However, buyers lost momentum as selling pressure intensified at highs. As a result, the stock fell more than 8% on Sunday, falling back below $0.55 to close at $0.52.
MATIC also maintained its downward momentum on Monday, opening the week down 4.19% to close at $0.50. As the crypto market crashed late Tuesday, MATIC fell more than 7% on Wednesday, falling below its 50-day moving average and key support level to close at $0.46. The price is down 3.43% on the current trading day, breaking below its 20-day moving average. If MATIC continues to fall, we could see sellers push the price down to $0.40, with buyers expected to defend this support level. A bounce off this level could spark a rally that could lead back to $0.50.
