- The RSI has developed a golden crossover with the RSI-based moving average.
- The FET price has shown a wild rise of 45% in the past 2 days.
- When writing, Fetch.ai token’s trading volume has surged 150% in the past 24 hours.
Since April, the FET price has shown weakness and failed to approach the last swing high. The FET price has slipped below the 200-day EMA, but buyers have shown interest and lifted the price by more than 40% within 48 hours.
Sellers below the 200-day exponential moving average level have been trapped due to the recent bullish move. Solid buying momentum can be seen because small players have faced strop-loss, and big players are ready to skyrocket according to the chart structure.
At press time, the Fetch.ai crypto price traded at $1.66 with an intraday gain of 10.76%. Its market capitalization is $1.42 billion, and its 24-hour trading volume is $460.55 million. The circulating supply is 848,193,896 FET, and the total supply is 2,630,547,141 FET.
Is the FET Price Over $2 Bullish?
$FET 👌 yesterday you hit exactly the momentary bottom (excellent profit today) To become bullish again we must overcome the box, below we remain in an unfavorable trend imo pic.twitter.com/2HCpU30W7g
— EliZ (@eliz883) June 19, 2024
A source on X claims that the Fetch.ai price has taken support on the momentary bottom by forming a bullish engulfing candlestick pattern and is ready to gain bullish momentum. If the price exceeds the $2 mark, the trend may flip to the bullish.
Will the FET Price Overcome the $3 Mark Next Month?
The Fetch.ai price has displayed a trend reversal momentum in a daily time frame, and the trading volume has increased by 150% in a few hours. According to the chart structure, the liquidity grab has occurred below the 200-day EMA.
Buyers might become confident if the price exceeds the 200-day EMA and sustains. The trading volume supports This bullish momentum, which may help the buyers lift the price to the $3 hurdle.
On the other hand, selling pressure can be seen if the FET crypto price faces resistance from the 200-day EMA and drops below the $1.50 level. The price is in a bearish trend, and sellers are dominating the wider frame. The sellers might be eyeing the $1 mark.
Based on the technical indicators, the RSI is 45, generating a bullish crossover with the RSI-based moving average. MACD has developed a golden crossover with the Signal line, showcasing the buyers’ interest.
According to its historical performance, the FET crypto price has remained bullish on YTD and yearly but remained bearish weekly and monthly.
Conclusion
The recent surge in trading volume and the bullish crossovers in RSI and MACD indicate growing buyer interest in the market. If the FET price exceeds the 200-day Exponential Moving Average and sustains, it could pave the way for further upward movement, with the $3 mark being a potential target. On the flip side, selling pressure may intensify if the price faces resistance at the 200-day EMA and drops below $1.50.
Technical Levels
Based on the chart structure, the Fetch.ai price is expected to take support at the $1.15 and $0.75 levels. It may face resistance from the $2.50 and $3.00 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
