FET is showing renewed positive strength, and recent price action suggests a break towards the $1.8 resistance level may be on the horizon. After bouncing off key support zones, the cryptocurrency caught the attention of traders as upward pressure began to build. With increasing buying interest and signs of strength in technical indicators, the stage is set for FET to potentially reclaim higher price levels, positioning $1.8 as a key target for bulls looking to extend the rally.
The purpose of this article is to analyze FET’s recent bullish momentum as it approaches the $1.8 resistance level. By examining key technical indicators, price patterns and market sentiment, this article aims to assess the likelihood of a breakout and the potential for further upward movement in the near future.
Indicators point to more upward movement for FETs
On the 4-hour chart, FET is showing bullish signs, aiming to break above the 100-day elementary moving average (SMA). A break above this key technical indicator could effectively generate a lot of buying interest, indicating that the bulls are regaining control and setting the stage for additional gains towards the $1.8 resistance level.
Analysis of the 4-hour Relative Strength Index (RSI) reveals renewed upside potential as the RSI has climbed above the 50% mark and is currently at 58%. This upward shift indicates increasing buying pressure. If the RSI continues on this trajectory, it could signal further upward moves for FET, paving the way to recent highs and strengthening the uptrend.
After successfully avoiding a drop below the intraday 100-day SMA, FET has now settled firmly above this key level, indicating that buyers have regained control. Holding above this key technical indicator suggests that FET may continue its uptrend, with the 100-day SMA currently providing a solid support level, further strengthening the potential for further gains.
Additionally, the RSI on the daily chart is currently at 54%, after previously dropping to 44%. The rally from lower levels indicates that FET may be regaining strength, with the potential for more growth if purchasing interest remains steady.
What could happen above $1.80?
FET is currently on an upward trajectory, expecting a break above the resistance level at $1.8. Successfully breaching this level could pave the way for further gains, with the next target set at $2.50. If the FET breaks above $2.50, increased buying interest could provide additional momentum, driving the price upwards towards the resistance level at $3.40.
However, failure to maintain momentum and a break below the resistance at $1.8 could lead to a pullback towards the support at $0.966. If the price falls below this tipping point, it could trigger further declines, potentially opening the door to deeper price corrections.
