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- FET price is currently trading at $0.3460 with an increase of +0.23%.
- The 24 hour trading volume has decreased by 8.82%.
- The 24 hour low of price is $0.3406 and the 24 hour high of price is $0.35.
The FET/USDT started its bullish rally during the start of 2023 and made a high at $0.6000 level. The price is currently trading in a downward channel making lower lows and lower highs. The price is headed toward the immediate support of $0.3150. Looking at historical price action, the price made a high at $1.20 after which it melted down to $0.0527 at the end of 2022 and soon after that the bullish rally started.
On a weekly basis chart, price has a clean move to downside if bears are able to break the $0.300 level. The candle on 6 march 2023 made a long wick to $0.3000 level which needs to be broken in order for price to reach $0.1000.
The daily time frame suggests the price has reached the support level of $0.3450 and if bears are able to break the support we can expect the price to reach $0.2600. The price has previously consolidated between the range of $0.2600 and $0.3000. There is a high probability for the price to form a strong support at $0.2600 and retrace to retest $0.4500 level. During the start of 2023, 20-day EMA crossed the 50,100 and 200 days EMAs indicating a strong bullish market. Now the 20 day EMA has started to cross the other EMAs in a downward direction.
Technical Analysis of FET/USDT :
The RSI curve is consolidating near the median line as price has not provided any confirmation for bullish or bearish move. The RSI curve has crossed the half mark and is currently at 44.79. On a 4 hour basis, the RSI curve started to rise as the 4 hour candle turned bullish at the time of writing but is still below the median line. The RSI curve on the 4 hour basis is 42.67.
The -DI is crossing the +DI positively, on the daily basis with ADX of 5.93. As price showed some temporary bullish momentum on the recent support which decreased the bearish momentum. On a 4 hour basis, the -Di is above the +DI. The ADX started increasing and is currently at 17.06.
The price is roaming in the lower part of bollinger bands, indicating price could correct temporarily and may remain in bearish momentum. ,
Conclusion:
FET price is in a strong bearish trend after getting rejected from $0.6000 level. The market structure and price action also suggests the same for FET price. If price can break the $0.3000 level we can expect it to reach $0.2600.
Technical levels:
Major support: $0.3400
Major resistance: $0.3900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
