FET Crypto Faces Bearish Trend After 3% Drop: Critical Levels to Watch
The Fet crypto price has exhibited a notable range of movements on the 4-hour chart, with closing prices recently fluctuating between $1.138 and $1.166. Despite this range, the overall trend appears to be bearish, influenced by several technical indicators pointing to downward pressure.
Fet Crypto Price Technical Analysis
Exponential Moving Averages (EMAs) reflect this bearish sentiment. The 9 EMA has been consistently below the 20 EMA, suggesting that short-term price action is weaker compared to the longer term. This convergence of the EMAs signals a potential continuation of the bearish trend unless a significant upward movement occurs.
Also read: Bitcoin Price Dips Below Key $65K Support, What’s Next?
For traders eyeing potential movements, the resistance level at $1.189 is a short-term point where selling pressure might intensify. Further resistance can be observed at $1.206 and $1.212, serving as more substantial barriers that could challenge bullish efforts. On the support side, $1.112 is an immediate level where buyers might step in to prevent further decline. If the price breaks below this, $1.109 and $1.101 are critical support zones that, if breached, could lead to accelerated selling pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator further underscores the bearish outlook. The MACD line is below the signal line, and the histogram is in negative territory. This configuration typically indicates selling momentum, suggesting that the Fet crypto might continue to face downward pressure. Additionally, the Relative Strength Index (RSI) has hovered around 30-35, reflecting a bearish stance but also suggesting that the asset might be approaching oversold conditions. An RSI below 30 often indicates that the market could see a short-term bounce due to oversold pressures.
Potential Trade Ideas
Given the current technical landscape, traders should consider the following strategies. For long trades, if the price bounces off the support level around $1.112 and shows signs of a reversal, an entry near this level could be considered. Exiting around the resistance levels of $1.189 or $1.206 would be prudent, depending on market strength and momentum. For short trades, a break below the $1.112 support level with strong selling volume could be an entry signal. Exiting near the next support levels at $1.109 or $1.101 would be advisable, anticipating potential buyer interest in these zones.
Also read: Worldcoin Price Analysis Shows Bearish Trend on 4-Hour Chart
The Fet crypto price currently shows bearish tendencies on the 4-hour chart, with key indicators pointing towards continued downward pressure. However, potential opportunities exist for both long and short trades based on critical support and resistance levels. Traders should remain cautious and watch for significant price action around these levels to inform their trading decisions.
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.
