FET is facing strong downward pressure as bearish signals take hold, with the Relative Strength Index (RSI) suggesting further weakness could be on the horizon. Recent declines have pushed FET’s price closer to key support levels, and the RSI’s current reading hints at a continuation of the bearish trend. With a potential drop toward the $0.966 target, investors are left wondering if FET can find a bottom or if additional losses lie ahead.
This article analyzes the recent downward pressure on FET’s price, with a particular focus on the pessimistic signals indicated by the RSI. By examining the current market conditions, key support and resistance levels, and the RSI’s implications, we’ll explore whether the token will likely continue its decline toward the $0.966 target or if a potential reversal could be on the way.
What The RSI Reveals For FET
On the 4-hour chart, FET has demonstrated pronounced bearish momentum, slipping below the 100-day Simple Moving Average (SMA) as it approaches the $0.966 mark. This movement below the 100-day SMA signals that negative forces are currently outweighing bullish attempts at price recovery, possibly opening the door to further declines.
An analysis of the 4-hour chart reveals that the Relative Strength Index (RSI) has now declined to the 34% level following an earlier attempt to rally that stalled at 46%. An RSI near 30% often suggests a potential reversal could be imminent. However, in this context, it may also signal the continuation of a bearish path unless buying interest returns to support a rebound.
Meanwhile, on the daily chart, FET is displaying notable pessimistic movement as it tries to fall below the 100-day SMA. This downturn highlights rising selling pressure and negative market sentiment, which collectively heightens the probability of the asset dropping below the SMA and heading toward the $0.966 mark. A successful breach of the 100-day SMA could signal additional declines, pushing the price down to this critical support level.
Finally, the 1-day RSI shows that negative pressure on FET is intensifying as the signal line has recently dropped below 50%, now settling at 39%. As the RSI remains in this lower range, it suggests that sellers are gaining dominance, potentially paving the way for further drops unless buying momentum can return to shift the sentiment.
Key Support Levels: Can $0.966 Hold Against The Bears?
As FET’s price remains under downward pressure, the $0.966 mark stands out as a crucial support level. If the price breaks below this threshold, it may signal a strong correction, possibly resulting in more decrease toward the $0.459 level and beyond.
Conversely, if the token manages to hold its position above $0.966, it could indicate a potential reversal, enabling bulls to reclaim some control in the market and driving the price higher toward the $1.86 resistance level and beyond.
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Godspower Owie
https://www.newsbtc.com/news/fetch-ai-fet/fet-price-under-pressure-rsi-flags-extended-bearish-move-toward-0-966/
2024-10-26 02:30:13
