Anticipating a Gain of Over 50% in the Near Future for Fetch.ai (FET) Price
The Fetch.ai (FET) price has surged from the previous long-term resistance zone, created a bullish pattern.
Additionally, it has broken above a short-term resistance zone, signaling the comeback of the bulls.
The Fetch.ai (FET) price has been rising rapidly since rebounding from the crucial support zone at $0.18 in the week of October 16 to 22, 2023 (green arrow). This move helped the price break above the long-term resistance zone at $0.53, reaching a new yearly high in the last week of 2023 at $0.79.
This is a very bullish development as the breakout created a higher high, confirming that the FET price is in a long-term uptrend.
Indeed, last week, the FET price formed a bullish engulfing pattern (green ellipse) after bouncing from the previous resistance zone at $0.53.
This pattern was created when the bearish candle two weeks ago was entirely covered by the bullish candle last week, signaling a strong comeback for the bulls.
The weekly RSI is above 50 and sloping upward, supporting the continuation of the uptrend.
Therefore, the FET price is likely to continue rising towards the next crucial resistance zone at $1. This figure corresponds to a 50.22% increase from the current price.
Short-Term Resistance Breakout
The FET price has broken above the short-term horizontal resistance zone at $0.62 yesterday. This indicates that the correction from the yearly high at $0.79 has concluded, and the FET price is ready to climb higher.
The daily RSI is above 50, breaking above the long-term resistance line and sloping upward, suggesting that the bulls are in control of the market.
Therefore, the FET price could rise to the yearly high level at $0.79 in the next few days.
The most likely scenario suggests that the FET price will continue to rise in the coming days. The nearest target is found at $0.79, with further potential to reach $1.
This bullish outlook would be invalidated if the price breaks down below the $0.53 zone on the weekly timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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