Is the FET Crypto Price Gearing up for a Major Breakout?

The #FET crypto has been experiencing a series of fluctuating price movements on the 4-hour chart. With recent closing prices showing a mix of slight gains and losses, the crypto is currently navigating through a crucial phase that could dictate its near-term direction.

Recent closing prices indicate that the #Fetch.ai price has been trading between $1.378 and $1.444. Currently, the price is hovering around the support level of $1.365, which is crucial for maintaining the bullish outlook. If this level fails to hold, the next significant support is at $1.334, followed by $1.151. On the upside, the immediate resistance is at $1.473, with a stronger resistance level at $1.501.

The 9 EMA (Exponential Moving Average) is trending below the 20 EMA, suggesting a bearish crossover that could imply potential downward pressure in the short term. This bearish sentiment is reinforced by the MACD (Moving Average Convergence Divergence) indicator, where the MACD line is slightly below the signal line, though the histogram shows some bullish momentum with small positive values. This divergence suggests that while bearish pressure exists, there's still a chance for a bullish reversal if momentum picks up.

The RSI (Relative Strength Index) currently sits in the range of 39-48, indicating that the $FET crypto is in the lower neutral zone and approaching oversold territory. This could potentially lead to a buying opportunity if the RSI dips further and reverses.

Given the current technical setup, traders should keep an eye on the support level at $1.365. A break below this could lead to further declines towards $1.334 or even $1.151. On the flip side, a bounce from this support could see FET testing the resistance at $1.473. A successful breach of this level could open the door to $1.501. #altcoins #TrendingInvestments The full analysis and trade strategy were originally posted on ecoinimist.com.