FET daily chart market analysis and operation suggestions
Current market conditions
Price performance: FET rose 17.8% today, showing strong performance.
Key technical indicators:
200-day moving average: FET is struggling with this important resistance level.
0.618 Fibonacci resistance level: It is also a key resistance faced by the current price.
RSI: Breaking through the downtrend indicates that the price may follow the RSI breakout.
MACD: Upward crossover shows increased momentum.
Key analysis
Resistance breakout:
200-day moving average and 0.618 Fibonacci resistance level: Breaking through this resistance level may trigger a rapid rise in prices, with a target of $2.
Technical indicators:
RSI breaks through the downtrend: This is a bullish signal, and prices may follow the RSI breakout to rise further.
MACD upward crossover: Shows increased market momentum, which helps drive prices up.
Market background:
AI narrative: FET is favored by the market as one of the main AI projects in the cryptocurrency field.
70% price pullback: A 70% pullback from the highs, this is a no-brainer entry opportunity given the market structure and AI narrative.
Weekly Momentum Oscillator: Fully reset, prices look ready to continue rising.
Entry Strategy:
Current Price: Considering the strong upside and bullish signals from technical indicators, positions can be opened in batches near the current price.
Target Price: Short-term target is $2.
Stop Loss Setting:
Key Support Level: Set the stop loss below the current price, recommended around $1.40, to prevent unexpected price pullbacks.
Risk Management:
Open positions in batches: Avoid investing too much money at one time, buy in batches, and spread the risk.
Dynamic Adjustment: Adjust positions and stop loss in a timely manner according to market trends and technical indicator changes.
Summary
FET performed strongly today, up 17.8%, and is competing with the 200-day moving average and the 0.618 Fibonacci resistance level.
Technical indicators RSI breaking the downtrend and MACD crossing upwards both show bullish signals. As one of the major AI projects, FET's market structure and AI narrative further enhance its upside potential.
It is recommended to build positions in batches near the current price, with a target price of $2, and set a reasonable stop loss to ensure that the risk is controllable
