- The higher highs and higher lows that FET has formed recently indicates that it has entered an uptrend.
- Indicators do not generate any buy signal for coin at the moment.
- A Rounding bottom pattern can be considered as a base for a bullish rally ahead.
The technical analysts may have observed formation of a rounding bottom pattern on daily chart. There is usually a bullish rise after a rounding bottom pattern breakout. The coin displayed a breakout of this pattern earlier but that breakout was not strong enough as the price could not rise much higher.
A Rounding Bottom Pattern is visible on daily chart
On daily chart, the investors might have noticed that coin after giving a breakout of rounding bottom pattern could not continue its bull run and instead it showed a pull back. The coin is presently consolidating at current price levels. After this consolidation, a bull move is expected once again. Apart from this, a Golden Crossover also took place on chart earlier at the support levels which may be one of the reasons of the price increase lately.
MACD indicator has recently shown a bearish crossover. This bearish crossover suggests that bears have taken command over bulls and as a result of this, investors may see a fall in prices. On other hand, the RSI curve is trading at 57.32 which is over its 50-point threshold but this till cannot be considered as a buy signal because there are chances that RSI curve may decline more in near future and as a result prices of coin may also decline.
Thus, it can be concluded that both the indicators, that is, MACD and RSI are delivering a sell signal.
Will Golden Crossover continue to raise the price of coin?
On the short-term chart, investors may have observed that coin took support at around $0.0631 and traded around these levels for a quite long time. Around December in 2022, a Golden Crossover took place on chart which then drove prices to the current levels. Moreover, a consolidation zone similar to that of the daily chart is also visible on the short-term chart.
Conclusion
Investors must have drawn conclusion that after the current consolidation zone breakout, the coin may give a bull run and a Golden Crossover that has occurred on daily chart may also serve as an additional confirmation to that bull run.
Technical Levels
Resistance levels – $0.4987 and $0.6182
Support levels – $0.2018 and $0.0631
Disclaimer: The views and opinions stated by an author, or any people named in this article, are for informational purposes only, and may not establish financial, investment, or any other financial advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/19/fet-technical-analysis-whats-next-after-rounding-bottom/