#FET $FET#FETusdt1d- tp 1.40-1.80-2.00

Chart Analysis: FET/USDT Daily Chart

Overview

A falling wedge formation is seen for FET/USDT on the chart and it is clearly observed that this formation has broken upwards. The uptrend has started and it is noteworthy that the price is moving towards the resistance levels.

Target and Prices

1. Short-Term Goals:

• $1.80 - $2.00: Current resistance zone, levels that the price is expected to test.

• $2.50: The level that can be targeted in the continuation of the rise in the medium term.

2. Medium and Long Term Goals:

• $3.00 - $3.20: Long-term resistance zone and formation target.

Support and Resistance Levels

1. Support Levels:

• $1.30: The broken resistance has now become a strong support.

• $1.10 to $1.20: Strong support zone in a deeper correction.

2. Resistance Levels:

• $1.80: First major resistance level.

• $2.00 - $2.10: Critical psychological resistance level.

Indicators

1. Volume:

• The increase in volume during the breakout is remarkable, which supports the possibility of the price continuing upwards.

2. 200-Day Moving Average (MA):

• The price is currently above the 200-day MA, confirming the uptrend.

3. RSI:

• RSI is in the neutral zone (50-70). If it moves into the overbought zone (above 70), a correction can be expected in the short term.

Formation and Trend Direction

1. Formation:

• The falling wedge formation has been broken upwards. This formation generally indicates a continuation of the rise.

2. Trend Direction:

• The price is moving in an uptrend and supporting the trend by making higher lows.

Strategic

1. Recommendations for Investors:

• Buying Strategy: Buying opportunities can be evaluated above the support at $1.30 levels.

• Buying After Breakout: New buying positions can be opened when the price breaks above $1.80.

2. Stop-Loss Levels:

• Stop-loss can be used in case of daily closing below $1.30.

3. Profit Taking:

• Initial take profit levels could be between $1.80 - $2.00.

• For medium-term targets, levels of $2.50 and above can be considered.

Risk Management

• Decrease in Volume: If volume decreases while price is rising, the rise can be expected to slow down.

• Resistance Zones: Attention should be paid to possible profit realizations between $1.80 - $2.00.

Comment

FET/USDT has started an uptrend by breaking out of the falling wedge formation. The price has a high potential to reach $1.80 - $2.00 in the short term. Investors should create a trading strategy by paying attention to support levels and managing risk.