FET price observed a sharp decline of 0.06% in the last 24 hours.The FET price has been trading on a bull trend for the past few months since early January. Recently after taking resistance from the price of $0.4500, the FET token made a correction of 30% as was predicted in the previous analysis. Currently, the price of FET is taking a bearish turn on the daily timeframe. Recently the price of FET made a significant negative crossover between major EMA lines. This can be a foreboding symbol for the upcoming trend in the near future.
Previous Analysis Chart (Daily Timeframe )
Source: FET/USDT by TradingViewAt present, the price is trading at $0.312 and it has a market cap of $257M. The price can see a further decline in the near future if it does not gain buyers’ support from 200 EMA. Previously the price was giving constant respect to its 100 EMA though it broke the support level near the end of April.
A major impact of sellers is observed in most of the cryptocurrency exchange platforms where they are they are dominating the price action by 50 – 63% according to the Coinglass platform a cryptocurrency exchange platform.
Technical Analysis of FET Price
Source: FET/USDT by TradingView The FET price has recently crossed below 100 EMA; the price may attempt to take support from its next support level is near the 200 EMA. The current support levels for the FET price are around $0.2865 and its major support level is at $0.2500. The resistance point for the price of FET is near $4.000 and its major resistance is at $4.500.
The stochastic RSI is trading near the oversold level of 0.40 points. The present situation suggests is suggesting a bullish perspective although the stochastic RSI is yet to cross above the 30 RSI. The %K line trading near 0.40 points may soon intercept the %D line around 3.99 points.
The RSI line is also giving a bullish perspective. Currently, it is taking a reversal near the oversold levels. The present value of the RSI line is 38.53 points and the 14 SMA is providing resistance to it at 42.24 points. The upward curve of the RSI line is indicating a reversal.
Conclusion
FET price has been trading on an overall bullish trend. Though the sentiments of the Investors are taking a bearish turn. The oscillators, Stochastic RSI and RSI are indicating a slight bullish rally a bearish reversal of the Fetch price.
Technical levels –
Support – $0.2500
Resistance – $4.500
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
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