Fetch.ai (FET) Price Surges Past Long-Term Resistance – Is $1 on the Horizon?
The Fetch.ai (FET) price has broken above a long-term resistance zone and confirmed it as support. It is expected to continue rising in the coming days.
Long-term Resistance Zone
The Fetch.ai (FET) price has rapidly increased since bouncing from a significant support zone at $0.18 in the week from October 16 to 22 (green arrow). This action brought the price to the long-term resistance zone at $0.6 at the end of November.
After several weeks of consolidation below this resistance zone, the FET price finally broke above it last week, marking the continuation of the previous uptrend.
The weekly RSI (Relative Strength Index) has risen into the overbought region and is sloping upward, supporting the potential for further gains.
Therefore, the FET price may continue to rise to the next resistance zone at $1, an increase of 43.24% from the current price.
The FET price bounced from the previous resistance zone at $0.6 and formed a strong bullish candle yesterday (green arrow). This indicates that the bulls are buying aggressively on minor dips.
The daily RSI has broken above the descending divergence trendline and is sloping upward. Both are bullish signals, indicating an uptrend.
Thus, the FET price may rise to the $0.82 zone in the coming days.
The most likely scenario suggests that the FET price will continue to rise in the near future. The immediate target is $0.82, with a higher potential to reach $1.
This bullish outlook would be invalidated if the price breaks down below the $0.6 zone on the daily 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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