Fetch.ai (FET) Price Forms A Long-term Bullish Pattern, Is A New Uptrend Happening?
The price of Fetch.ai (FET) has formed a bullish pattern at a crucial support zone and is showing short-term bullish signals. It is expected to continue rising in the near future.
Bullish Pattern
The price of Fetch.ai (FET) has been on the rise since forming a Pin bar candle in the week of August 14th to 21st. This action has confirmed the $0.17 zone as support (green arrow) and has formed a double bottom pattern. This is a bullish pattern that often leads to a reversal of the trend to the upside.
Furthermore, this pattern is combined with bullish divergence in the weekly RSI indicator, further strengthening its significance.
If a new uptrend occurs, the price of FET could rise to the important resistance zone at $0.5.
Short-term Outlook
The daily chart supports the short-term bullish outlook from the weekly timeframe. It shows that the price of FET has broken above the short-term descending resistance and confirmed it as support on September 11th (green arrow).
This action indicates that sentiment has shifted from selling on rallies to buying on dips.
Therefore, the price of FET is likely to rise to the nearest resistance zone at $0.28 in the coming days.
Conclusion
The most likely outlook suggests that the price of FET will continue to rise in the near future. Potential targets are found at $0.28 and higher towards $0.5.
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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