Bullish Dominance in FET Prevails as Price Rises by Over 20%

  • According to a recent analysis, bulls have dominated the FET market in the previous 24 hours.
  • Bulls reclaim the FET market after establishing support at $0.1898.
  • FET market prices are expected to rise higher, according to technical indicators.

The Fetch.ai (FET) market is bullish after wiping out a brief negative rise that dropped the price to $0.1848. Bulls in FET propelled prices to an intraday high of $0.2416 after nullifying the trend, where they encountered resistance. As a result of the bullish run, FET is now worth $0.2341, a 23.97% increase as of press time.

The bullish run caused a rise in market capitalization of $23.82%, to $190,535,348, and a 24-hour trading volume of $71.72%, to $146,379,547. With this increase, it appears that Fetch.ai has maintained investor confidence, at least in the short term, and consequently, expectations for Fetch.ai’s future are high.

FET/USD 24-hour price chart (source: CoinMarketCap)

The MACD line is climbing over the signal line at 0.0181, suggesting that bulls are in charge of the FET market. As a consequence, the rise in the MACD line indicates that the trend is gaining momentum, which may result in more price increases. The histogram’s upward rise is aiding this bullish gain, suggesting that the present upswing will continue for some time.

Furthermore, the 71.54 RSI level shown in the FET price chart indicates that bulls are in control of the market sentiment at the moment. Since bulls presently dominate the market, this action predicts that the FET price will climb in the foreseeable future. This is because an overbought RSI reading suggests that prices will continue to rise as long as purchasing pressure is strong.

FET/USD 4-hour price chart (source: TradingView)

The FET price chart shows a bullish crossing when the 10-day moving average (MA) rises above the 50-day MA. The positive crossing reinforces the rise in FET prices, suggesting that the price may be heading higher in the foreseeable future, adding to traders’ excitement about the market.

FET/USD 4-hour price chart (source: TradingView)

Technical indicators show that bull strength is increasing, therefore the current uptrend in the Fetch.ai market is likely to continue.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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