$FET is currently trading around $1.137 on the 4-hour chart. The chart shows consolidation around the 20-period Moving Average, indicating indecisiveness among traders.
Key resistance levels to monitor are at $1.250, $1.245, and $1.164. Support levels to watch include $1.044, $0.964, and $0.862. The short-term trend is bearish as the price is trading below the 50-period MA, and the crossing of the 20-period MA below the 50-period MA could trigger further bearish sentiment. The current volume is moderately high at 5.996M, suggesting active trading but no significant directional bias.
Pro Analysis:
The current consolidation phase indicates that
$FET may be preparing for a breakout. If the price remains below the 50-period MA, the bearish sentiment is likely to persist, leading to a potential drop towards the lower support levels. However, if buyers step in at these critical support zones, a reversal could occur, pushing the price towards the resistance levels. It's essential to watch for a volume increase as an early indicator of a significant move.
Potential Trading Strategy:
Bearish Scenario:Entry: Consider shorting if the price breaks below the immediate support at $1.044.Target: First target at $0.964 and second target at $0.862.Stop-Loss: Place stop-loss above the resistance at $1.164.Bullish Scenario:Entry: Consider a long position if the price breaks above the resistance at $1.250.Target: First target at $1.300 and second target at $1.350.Stop-Loss: Place stop-loss below the support at $1.137.
This approach helps in capitalizing on either the bearish or bullish scenario while managing potential downside risk. Follow for more; you’ll earn better with us
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