- FET coin price is transacting at the long term supply zone after showing one side bullish rally.
- FET coin price is forming a flag and pole pattern on a daily time frame.
- The pair of FET/BTC is training at the price level of $0.00001703 with an increased 2.45% in the [ast 24 hours.
FET coin price is trading above the long term demand zone after rising rapidly over the last two months. As of now, FET coin price is forming a higher high and higher low price structure on a daily time scale. At present, FET coin price is trading at $0.4188.
FET Coin Price Shows Positive Movement
FET coin price is currently trading above the term supply zone after being able to bounce off the short term demand zone. FET coin price was able to sustain at the previous breakout zone and as a result it rose to download sloping green trendline acting as a strong supply zone. At present, FET coin price is trading above the 50 day MA which is acting as a strong demand zone. This comes after the coin price broke a key moving average during the bounce back. Moving upwards, these MAs can be seen acting as a demand zone during the pullbacks.
FET coin price is trading at the upper band of the bollinger band after bouncing off the lower band. This comes after the coin price faced a strong bullish pressure from the demand zone. Volumes have increased as the coin price experienced bullish momentum. Therefore, investors should remain cautious as volatility is bound to cause erratic movements.
FET Coin Price is Forming a Flag Pole Pattern on a Daily Time Frame
FET coin price has been bullish over the last two days. The RSI curve has also turned bullish. Recent bounce back off the demand zone in the FET coin price has resulted in the RSI curve crossing the Halfway mark of 50 moving upwards. If the coin price breaks the green trend line with a strong bullish momentum, then the RSI curve can also be seen rising higher, moving toward the overbought zone.
The ADX curve has been on a rise since the coin price bounced off the demand zone. Previously, as the coin price made new highs and started falling, the ADX curve was also seen falling below 20. But as soon as the price rose to the supply zone, the ADX curve was seen dipping out of the 20 mark. Currently, it is trading at the level of 33.25.
Conclusion: FET coin price as per the price action is super bullish as it is forming a positive price structure. Technical parameters are showing bullish momentum depicting the coin price movement. It remains to be seen if the coin price will break the supply zone with the strongest momentum and continue the bullish trend or fail to do so and fall below the current demand zone.
Support: $0.40 and $0.38
Resistance: $0.46 and $0.48
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
