Fetch.ai (FET) Price Could Increase 100% in Q4 2023, Here’s Why?
The price of Fetch.ai (FET) has completed a bullish pattern at a crucial support level and has broken above a short-term resistance line. A significant uptrend might occur in the coming days.
Bullish Pattern
The price of Fetch.ai (FET) has been rising since the formation of a Pin bar candle in the week from August 14 to 21. This action confirmed the $0.17 level as support (green arrows) and created a potential double bottom pattern compared to the low formed in mid-June.
The weekly candle from August 28 to September 3 is a bullish engulfing candle, helping the price break above the neckline of the double bottom pattern. This indicates that FET might have established a bottom, and a new uptrend could be underway.
Currently, FET is in the process of confirming the neckline of the double bottom pattern as support (green arrows). If successful, the FET price could rise to a significant resistance zone at $0.385-$0.439, formed by the 0.5-0.618 Fibonacci retracement levels of the entire downtrend from the yearly high of $0.61. This price range corresponds to a potential maximum increase of 100% from the current price.
The weekly RSI (Relative Strength Index) supports the possibility of a price increase, showing significant bullish divergence before the entire upward move, with the bullish divergence line still intact.
Descending Resistance Line
The 4-hour chart reveals that the FET price has broken above a descending resistance line formed since the local high at $0.27 on September 5. This suggests that the short-term correction has ended, and a new uptrend might follow.
Additionally, the FET price has also broken above a minor resistance zone at $0.215 and has been forming bullish Pinbar candles over the past 24 hours. This indicates strong buying activity at lower levels.
Therefore, the FET price could rise to the next resistance zone at $0.24 and higher to $0.27 in the coming days.
Conclusion
Technical indicators suggest that the FET price is poised for further increases. The nearest target is $0.24, with a potential rise to $0.27 and beyond.
The weekly timeframe hints at the possibility of starting a new uptrend with a potential target in the range of $0.385-$0.439.
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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