FET is garnering renewed interest as the cryptocurrency exhibits positive momentum, with its recent price action hinting at a possible breakout towards the critical $1.8 resistance level. Having rebounded from essential support zones, FET has captured traders’ attention as upward pressure mounts. As buying interest intensifies and technical indicators display signs of strength, the cryptocurrency is potentially poised to reclaim higher price levels, setting $1.8 as a significant target for bullish traders eager to prolong the rally.
This article delves into FET’s recent bullish momentum as it approaches the $1.8 resistance level. By scrutinizing key technical indicators, price patterns, and market sentiment, we aim to evaluate the likelihood of a breakout and the potential for further upward movement in the near term.
Indicators Point Toward More Upward Movement For FET
On the 4-hour chart, FET is manifesting bullish indicators as it strives to surpass the 100-day Simple Moving Average (SMA). Successfully moving above this pivotal technical marker could attract substantial buying interest, signifying that the bulls are reclaiming control and setting the stage for further advances towards the $1.8 resistance level.
An analysis of the 4-hour Relative Strength Index (RSI) unveils a renewed bullish potential, with the RSI breaching the 50% threshold, currently standing at 58%. This upward shift suggests increasing buying pressure. If the RSI maintains this trajectory, it could herald more upward movements for FET, paving the way for new highs and strengthening the bullish trend.
Having successfully deterred a decline below the daily 100-day SMA, FET has firmly established itself above this crucial level, indicating that buyers have regained control. Maintaining this position suggests that FET may continue its upward journey, with the 100-day SMA now serving as a solid support level, further underscoring the potential for sustained gains.
Moreover, the RSI on the daily chart is presently positioned at 54%, following a prior dip to 44%. The ascent from lower levels signifies that FET may be regaining strength, with potential for additional growth if buying interest remains steady.
What Could Happen Beyond $1.8?
FET’s current upward trajectory targets a breakthrough beyond the $1.8 resistance level. A triumphant push past this point could open avenues for further gains, with the next target positioned around $2.5. Surpassing the $2.5 mark could invigorate increased buying interest, generating additional momentum, and potentially propelling the price higher towards the $3.4 resistance level.
Nonetheless, failing to sustain momentum and breaking below the $1.8 resistance could result in a retreat towards the $0.966 support level. A decline past this critical juncture may trigger further drops, potentially leading to more significant price corrections.
