With a bullish recovery rally in motion, FET price action shows a streak of green candles finally taking a step back. The uptrend accounts for a 69% surge in the last eight days to reclaim the $1 psychological mark as the broader market recovers.
As the uptrend takes a pause, will the sellers manage to regain trend control for a deeper pullback? Or is this the best opportunity to buy the FET token at this small dip?
FET Price Performance
With a bearish trend in the 1-day chart, the FET price action reveals a falling channel pattern. Furthermore, the increased bearish influence results in a death cross between the 50D and 200D EMA.
However, the recent bullish reversal from the $0.70 support level and the declining trendline puts the buyers back in action. The reversal rally breaks above the pattern and surpasses the 50D EMA.
However, the sudden surge in supply results in a minor intraday pullback. This results in the failure of the uptrend, surpassing the 200D EMA and the 38.20% Fibonacci level at $1.55.
Technical indicators:
EMA: The declining 50D EMA finds an uptick with the recent reversal in the FET prices. Thus, the chances of a bullish crossover to regain the positive alignment have increased. However, the failure to surpass the 200D EMA puts the uptrend at risk.
Will FET Price Hit $2?
With the channel breakout, the minor intraday pullback increases the chances of a retest of the broken trendline. However, an early reversal from the 50D EMA could reinstate the uptrend in motion.
Based on the Fibonacci levels, the uptrend sustaining above the 23.60% Fibonacci level could surpass the $1.55 mark in a post-retest jump. The breakout rally can find resistance at the 50% and 61.80% Fibonacci levels at $1.883 and $2.20, respectively.
On the flip side, the $1 psychological mark and the $0.70 mark remain crucial support levels.
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