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FET price is currently trading at $0.345. A 17.75% drop was recorded in the 24-hour trading volume. - 2
FET price observed an increase of 0.05% in the last 24 hours.
The investors’ sentiments regarding the FET price have been bullish for the last couple of months. Recently, a change in the market sentiments regarding FET price has been observed. The price seems to be taking a bearish turn after facing resistance from $0.4000. Although the overall trend of the FET price is bullish, the majority of the chances are that the FET price can take a bullish reversal if it takes a correction.
In a previous analysis, our analysts predicted that the price could take a bullish reversal. In Early February, our analysts predicted that the FET price could take a bullish reversal from the price of $0.3743 where it was getting support from the 100-day EMA above major key averages. The RSI line was trading near the demand zone with the stochastic RSI. The analysis was proven correct when the price rallied up by 28% after a pullback on the daily timeframe.
FET Price is Trading Near a Critical Resistance Level
The price of FET saw a major increase in the number of sellers – 50 to 55% as per Coinglass, a cryptocurrency information platform.
Technical Analysis of FET Price
The RSI line is currently trading near the oversold level where 14 SMA is near the median line with a value of 57.19 points. The 14 SMA is trading just above it, at around 48.82 points. The making of a downward curve suggests that the RSI line could make a bearish move.
The Stochastic RSI line is trading near the supply zone at 93.63 points. The %K line is giving a bearish interception to the %D line near the overbought zone indicating a bearish reversal.
Conclusion
FET price is trading in an overall bullish trend. According to the analysis, the price can make a bearish reversal in the near future.
If the sellers start stepping into the price action, it can make a correction of 16%. The oscillators, Stochastic RSI and RSI support this analysis on the daily timeframe.
Technical levels –
Support -$0.3300 and $0.2700
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.
Source: https://www.thecoinrepublic.com/2023/04/17/fet-price-analysis-are-the-sellers-expected-sooner/