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Fetch.ai (FET) Price Bounces From Previous Long-Term Resistance, What Next?

The price of Fetch.ai (FET) has broken above the long-term resistance zone and is currently validating it as support. The technical indicators support the possibility of a continued increase in the near future.

Weekly Outlook

The price of Fetch.ai (FET) has increased rapidly since bouncing from the important support zone at $0.18 in the week from October 16 to 22, 2023 (yellow arrow). This move helped the price break above the long-term resistance zone at $0.53 and reach 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 and confirmed that the FET price is in a long-term uptrend.

Although it has decreased significantly from the yearly high, the FET price is currently validating the $0.53 zone as support (blue arrow).

The weekly RSI has an upward trend and is above 50, indicating that the bulls have the upper hand.

Therefore, the FET price is likely to bounce from the $0.53 area and increase to the next important resistance zpne at $1. This number corresponds to a 65.02% increase from the current price.

FET/USDT weekly chart . Source: TradingView

Breaking the Short-term Range

The daily chart shows that the FET price has broken below the short-term range from $0.62 to $0.78, which was formed in 38 days. After bouncing from the long-term support zone at $0.53, it is in the process of retesting the support of the range (red arrow).

The daily RSI has a downward trend and is below 50, indicating that the bulls have not regained control in the short term.

Therefore, the FET price is likely to be rejected by the support zone of the previous range and decrease to the $0.53 zone again.

FET/USDT daily chart . Source: TradingView

Conclusion

The most likely scenario suggests that the FET price will continue to increase to the resistance zone at $1 in the near future. However, it may decrease to the $0.53 zone again before doing so.

The short-term bearish view will be invalidated if the FET price closes above the $0.62 zone on the daily time frame.

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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