Fetch.ai (FET) Price Endures Bearish September – Will October Reverse the Trend?

Watch Icon
BeInCrypto
Fetch.ai (FET) Price Endures Bearish September – Will October Reverse the Trend?

The Fetch.ai (FET) price has fallen since a rejection from the $27 resistance area on September 3.

Despite the decrease, FET broke out from a shorter-term descending resistance trendline on September 28.

FET Approaches Ascending Support Trendline

The FET price has increased alongside an ascending support trendline since June 2022. More recently, the price validated the line on August 17 and 22 (green icons). The touches created long lower wicks, considered signs of buying pressure. 

Read More: Best Crypto Sign-Up Bonuses in 2023

The rate of increase accelerated after the final bounce. This took the FET price to a high of $0.27 on September 3. However, the cryptocurrency failed to break out from the $0.27 resistance area, which has been in place since May.

Rather, it began a downward movement that is still ongoing. 

FET/USDT Daily Chart. Source: TradingView

The daily RSI does not determine the trend. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. While the RSI is increasing, it was rejected at 50 (red circle). The mixed readings make for an undetermined trend.

FET Price Prediction: Will Price Retest $0.27?

Unlike the daily timeframe, the six-hour one provides a more bullish outlook. There are two main reasons for this. 

Firstly, the price broke out from a shorter-term descending resistance trendline (dashed). Such breakouts often lead to significant increases. 

After the breakout, the FET price reached the 0.382-0.5 Fib retracement resistance region at $0.23-$0.24.

According to the Fibonacci retracement levels theory, following a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction.

For the upward movement to be confirmed as bullish, the FET price has to close above this region. 

Read More: Best Upcoming Airdrops in 2023

Secondly, the six-hour RSI has validated the 50 trendline as support (green icon). This could lead to the indicator resuming its increase, in turn causing the price to break through the Fib resistance.

If the increase continues, the $0.27 resistance area will be 10% above the current price.

FET/USDT Six-Hour Chart. Source: TradingView

Despite this bullish FET price prediction, failure to clear the 0.382-0.5 Fib region will likely lead to a retest of the long-term ascending support line at $0.20. This would be a drop of 10%.

Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

For BeInCrypto’s latest crypto market analysis, click here

The post Fetch.ai (FET) Price Endures Bearish September – Will October Reverse the Trend? appeared first on BeInCrypto.

More News

5 OG Crypto Coins That Can Pump in the 202...

Watch Icon
Last updated

Ethereum, Solana, Cardano, Polkadot, and Polygon are some of the top cryptos likely to surge during the next bull run. Image by Fareed Mindalano, DALL-E 3. A market sell-off over the past day has seen Bitcoin’s price tumble by over 10%, with the cryptocurrency dropping from roughly $45,500 to as low as about $40,800. This The post 5 OG Crypto Coins That Can Pump in the 2024 Bull Run appeared first on Cryptonews.

KuCoin Appears Not to Commingle User Funds...

Watch Icon
Last updated

In the midst of criminal allegations and growing concerns over its reserves, the Seychelles-based cryptocurrency exchange KuCoin has received a vote of confidence from Ki Young Ju, the founder and CEO of crypto analytics service CryptoQuant.  The post KuCoin Appears Not to Commingle User Funds and has “Sufficient” Reserves: CryptoQuant CEO appeared first on Cryptonews.

Back to Top