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- FET price is currently trading at $0.345. A 17.75% drop was recorded in the 24-hour trading volume.
- FET price observed an increase of 0.05% in the last 24 hours.
FET price is trading in an overall bullish trend above the 100 and 200 EMAs which are considered as major support levels. After breaching an important target level near $5.00, the price is facing severe rejection from this level. The buyers are refusing to support the price above this level. It is taking support from a major support level which is being backed up by the key 100 and 200 EMA levels.
FET price trading under the supply zone on the (Daily Timeframe)
Hence it is possible that the price may make another attempt to make a breakout above its current resistance level. The oscillators are trading just above the demand zone making an up trend where the price is trading sideways.
The recent support zone for FET is near the $0.3285 price. 15% below it, is its major support level near the 200 EMA around $0.2673. On the other hand, the current resistance level for the Fetch price is 16% above, around $0.4000. Its major resistance level, which could be a target, is $0.5000, 42% above.
Technical Analysis (1 Day Timeframe )
The RSI line is currently trading in the demand zone while taking resistance from 14 SMA. The current RSI value is 42.72 points and the 14 SMA is trading just above it around 44.77 points. The RSI line is trading in the demand zone suggesting that it can make a bullish reversal.
Conclusion
FET price is trading in a bullish trend, overall. It is currently taking support from the 100 EMA, with the 200 EMA trading just below it.
If the price gets the buyers’ support from the current level, it can make a bullish rally of 16% and if it breaches the recent resistance level, the price can make a bullish move of 46%.
Although it is trading on the top of a bull trend, where the price is consistently taking resistance from $0.5000 there is a small possibility that it may make a bearish reversal in the long term.
Technical levels –
Support -$0.2673
Resistance – $0.5000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
