Binance Technical Analysis: $FET /USDT
Current Price: $1.233 (-3.22%)
Timeframe: 30m chart
Analysis Overview
$FET /USDT has experienced a pullback after testing the resistance zone near $1.30. Bears are putting pressure on the price, and it is currently testing a key support level. A bounce from here could signal a recovery, while a breakdown may lead to further downside.
Targets
1. Immediate Support (Target 1): $1.215
This level is critical to holding the bullish structure. A breakdown here could trigger a drop toward the next support.
2. Resistance Zone (Target 2): $1.260
If the price rebounds from $1.215, $1.260 will serve as the immediate resistance. A break above this level could signal the start of a short-term uptrend.
3. Extended Bullish Target (Target 3): $1.300
A successful breakout above $1.260 could propel the price toward $1.300, a major psychological and technical resistance.
Risk Management
Stop-Loss Suggestion: $1.200
Placing a stop-loss below $1.200 can help mitigate risks if bearish momentum intensifies.
Support Breach Alert: If $1.215 is broken, watch for a retest of $1.190.
Trading Insights
Short-Term Strategy: Consider entering near $1.215 with a stop-loss at $1.200 and a target of $1.260.
Long-Term Strategy: Breakout traders may aim for $1.300 if the price clears $1.260 convincingly.
Advice:
Secure partial profits at $1.260 and adjust your stop-loss to breakeven. Monitor trading volumes to assess the strength of any breakout above resistance levels.