The Fetch.ai price failed to sustain the high of $0.7958 and reversed its direction, starting the profit booking that indicates further weakness in the market. It is trading below its dynamic support trendline, which could lead to more bearishness in upcoming sessions. The price is also in a downtrend on a greater timeframe, as it is creating lower lows.
The FET has been falling from its upper resistance levels and creating lower-low structures. It is in a bearish trend after breaking below the 50-day and 100-day exponential moving average. The bearish pressure could push RUNE to form a new lower low soon and increase the downtrend.
The Fetch.ai crypto displays signs of weakness on the charts, as bears have the upper hand in the recent sessions. The chart formation also supports the selleres, and the price makes a downward pattern, which reveal a conflict between bears and bulls.
At the moment, the Fetch.ai crypto is at $0.5300 , with a loss of 0.68% within the day, indicating bearishness. Buyers are attempting to gain strength in the market, but they can only secure some vital support levels. The trading volume is 38.86 million. Additionally, the FET crypto suggests more volatility in the upcomming sessions.
The Fetch.ai crypto is in a downtrend on the daily charts and has underperformed in the past months. The technical indicators also indicate negative outlook, with no signs of a bullish reversal or bounce occurring above the $0.6028 mark.
Technical Analysis of Fetch.ai Crypto Price in 1-D Timeframe
At the time of writing, Fetch.ai crypto (USD: FET) is trading below the 50 and 200-day DMAs (Daily moving averages), which are not supporting the price trend.
Nevertheless, if the selling volume rises, the price could lose the few support levels by making lower highs and lows. Therefore, the FET price is likely to move downwards, giving
The current value of RSI is 38.95 points. The 14-day SMA is above the median line at 42.96 points, which means that the Fetch.ai crypto is bearish.
The MACD line at -0.0303 and the signal line at -0.0247 are above the zero line. A bearish crossover is seen in the MACD indicator, which indicates more bearishness for the FET crypto price.
Summary
Fetch.ai (USD: FET) technical oscillators and indicators support the negative trend. The MACD, RSI, and EMA are showing negative signs and suggest that the downtrend may persist in the FET crypto price. Fetch.ai Price movement suggests that the investors and traders are bearish on the 1-D time frame. The price movement consider a bearish outlook at the present.
Technical Levels
Support Levels: $0.4615
Resistance Levels: $0.6027.
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/06/fetch-ai-price-forecast-will-fet-price-rebound-or-slump-down/