FET Nears Trendline: Will Breakout Fuel $1.86 Run?
As it tests a bearish trendline, Fetch.ai (FET) faces a crucial decision. The cryptocurrency has battled against the trendline, but bullish mood is encouraging a breakthrough. As FET balances on this trendline, a significant move above it might go to $1.86.
This research examines FET's price movement around a key bearish trendline. We examine important technical indicators and market sentiment to assess if FET can break resistance and rise toward $1.86 or whether bears will continue to dominate and keep the price low.
FET was up 3.22% at $1.11 at press time. Market capitalization is above $2.8 billion and trade volume is $116 million for FET. Its market value and trade volume rose 3.39% and 23.95% in 24 hours.
FET is trying to break above the trendline on the 4-hour chart while trading below the 100-day SMA. A breakthrough may be approaching if several bullish candlesticks show considerable buying demand and favorable market mood.
In the same span, the Relative Strength Index (RSI) rose over 50% to 56%. Bullish momentum is increasing, suggesting a breach above the negative trendline.
FET is also gaining strength on the 1-day chart as it attempts to break above the negative trendline and hit the 100-day SMA. This indicates strong market sentiment, with buyers possibly propelling the price higher if a breakout happens.
Finally, on the 1-day chart, the RSI signal is 52% above 50% after momentarily sliding to 47%. In particular, this bounce shows positive momentum is building, which might boost the cryptocurrency.
FET Next Big Move: Rally or Retreat?
If it breaks the negative trendline, FET might climb toward $1.86 barrier with current rising momentum and a positive RSI. This level might be broken to cause more advances, perhaps testing $2.56 resistance and higher resistance zones.
If the trendline holds and negative pressure persists, FET may fall below $0.96, its last support level. A breach below this support might start another slump, lowering the price to $0.45 or below.
