Bearish Storm Ahead: FET Crypto Teeters on the Edge of Key Support Levels – Will It Hold or Plunge Further?

The $FET crypto on the 4-hour chart has seen a gradual decline in closing prices over the last five periods. This consistent downward movement signals a bearish trend, as the cryptocurrency struggles to maintain its value above key support levels.

The 9 EMA currently stands at $2.1162, while the 20 EMA is at $2.1302. With the 9 EMA below the 20 EMA, this alignment reinforces the bearish sentiment, indicating that the short-term momentum is weaker compared to the longer-term trend. Typically, when shorter EMAs are below longer EMAs, it suggests continued downward pressure.

The MACD values further confirm the bearish outlook. Meanwhile, the MACD line has consistently been below the signal line. This divergence between the MACD and signal lines, combined with negative histogram values, reflects sustained selling pressure and the likelihood of continued bearish momentum.

The RSI values currently suggest that #FET is approaching oversold territory, with the RSI consistently below 30, a level often interpreted as a potential buying opportunity for traders expecting a reversal. However, the RSI alone is not a definitive indicator and should be considered alongside other metrics.

For FET, the immediate support levels are at $2.002, $1.9709, and $1.9475. A breach of these supports could see the price testing lower levels, making $1.9709 and $1.9475 critical for traders to watch.

On the upside, resistance levels are at $2.1113, $2.122, and $2.1672. A move above the $2.1113 resistance could trigger a short-term rally, potentially targeting the next resistance at $2.122. A break above $2.1672 would be necessary to shift the market sentiment to a more bullish outlook. #altcoins #TrendingPredictions #BullorBear
The full analysis and trading strategy were originally posted on ecoinimist.com.