Bearish Storm Ahead: FET Crypto Teeters on the Edge of Key Support Levels – Will It Hold or Plunge Further?
The FET crypto on the 4-hour chart has seen a gradual decline in closing prices over the last five periods. This consistent downward movement signals a bearish trend, as the cryptocurrency struggles to maintain its value above key support levels.
FET Crypto Technical Overview
The 9 EMA currently stands at $2.1162, while the 20 EMA is at $2.1302. With the 9 EMA below the 20 EMA, this alignment reinforces the bearish sentiment, indicating that the short-term momentum is weaker compared to the longer-term trend. Typically, when shorter EMAs are below longer EMAs, it suggests continued downward pressure.
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The MACD values further confirm the bearish outlook. Meanwhile, the MACD line has consistently been below the signal line. This divergence between the MACD and signal lines, combined with negative histogram values, reflects sustained selling pressure and the likelihood of continued bearish momentum.
The RSI values currently suggest that FET is approaching oversold territory, with the RSI consistently below 30, a level often interpreted as a potential buying opportunity for traders expecting a reversal. However, the RSI alone is not a definitive indicator and should be considered alongside other metrics.
Key Levels to Watch
For FET, the immediate support levels are at $2.002, $1.9709, and $1.9475. A breach of these supports could see the price testing lower levels, making $1.9709 and $1.9475 critical for traders to watch.
On the upside, resistance levels are at $2.1113, $2.122, and $2.1672. A move above the $2.1113 resistance could trigger a short-term rally, potentially targeting the next resistance at $2.122. A break above $2.1672 would be necessary to shift the market sentiment to a more bullish outlook.
Given the current bearish indicators, traders looking to enter short positions might consider doing so near the resistance levels of $2.1113 and $2.122, with potential exit points near the supports at $2.002 and $1.9709. Conversely, for those anticipating a reversal and looking to go long, potential entry points could be around the support levels of $2.002 and $1.9709, with exit targets near the resistance levels of $2.1113 and $2.122.
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Overall, the technical indicators for FET on the 4-hour chart are predominantly bearish, suggesting further downside potential. However, the RSI nearing oversold territory and the moderate volume trends may offer some hope for a near-term consolidation or minor bounce. Traders should remain cautious and consider both support and resistance levels closely in their trading strategies.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
