FET and the short liquidation at $1.79393:
Price Action
Short Squeeze: This liquidation suggests aggressive buying pressure, driving the price above $1.69393 and triggering short stops.
Uptrend Momentum: $FET breaking this level indicates potential strength, likely fueled by leveraged shorts getting squeezed.
Support & Resistance
Immediate Support: $1.693 is now a key support level, as it was previously contested. If bulls defend it, the rally could sustain.
Resistance Levels: Watch $1.75 and $1.80 for the next breakout hurdles.
Trend Analysis
The short liquidation reflects bullish momentum, possibly driven by increasing volume or favorable fundamentals.
A continuation above $1.693 suggests an ongoing uptrend; failure to hold this level could indicate a pullback to $1.65.
Indicators to Monitor
1. Volume: Look for above-average volume confirming the breakout.
2. Moving Averages: Ensure the price is holding above key MAs (e.g., 50/200 EMA) for sustained momentum.
3. MACD & RSI: Bullish crossovers or rising RSI would confirm strength.
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