FET Breaches Key SMA Level, Will Bears Push Prices Lower? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	770,916,765	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.029	4.57%	0.664	0.664	0.665

High Price	Low Price	Open Price	Prev. Close	52 Week Range
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Price x Volume	Volume	Base Symbol	Related Pairs
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FET Breaches Key SMA Level, Will Bears Push Prices Lower?

20/11/2024 9:00pm

NEWSBTC

The price of Fetch.ai (FET) has slipped below its critical 100-day Simple Moving Average (SMA), raising concerns about the potential for further downside toward the next support level at $1. This breach marks a pivotal moment for the asset, opening the door for negative pressure to take hold. As FET navigates this crucial phase, market participants are closely monitoring its ability to recover above the SMA or risk deeper declines. FET’s recent slip below the 100-day SMA, a significant technical indicator, and its implications for future price movements will be analyzed in this article. It will also explore whether this breach signals a continuation of bearish momentum or a possible recovery, providing insights into key levels and scenarios to watch in the coming days. Analyzing Bearish Momentum: Is A Deeper Decline Likely For FET? FET has fallen below the 100-day SMA on the 4-hour chart, signaling downbeat strength as the price approaches the $1 support zone. This breakdown indicates reduced buyer interest, giving bears control of the market. Holding at $1 could trigger a reversal, while a breach below may lead to more declines toward lower support levels. Also, the 4-hour Relative Strength Index (RSI) has fallen below the critical 50% level, currently at 44%, indicating a shift toward bearish sentiment and growing selling pressure as FET struggles to regain upward momentum. With the RSI under 50%, sellers are taking control, and if the RSI fails to recover above this threshold, the pessimistic trend may continue. Traders should watch for any signs of a reversal or if the price remains under pressure, potentially leading to further drops. Related Reading: FET At Risk Of Further Decline? RSI Signals Sustained Bearish Pressure On the daily chart, FET is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the 100-day SMA. This pattern implies that sellers are firmly in control of the market, relentlessly driving the price lower and prompting a strong likelihood of additional drops in the near term. Finally, the 1-day RSI analysis suggests that FET may face extended losses, as it remains below the 50% threshold, reflecting a continued bearish trend. With selling pressure likely dominating, the chances of further declines are high. A recovery above the 50% level could signal a potential reversal, but FET continues to struggle to regain an upward momentum for now. Navigating Risks And Opportunities In FET’s Price Action Navigating the risks and opportunities in FET’s price action requires a careful assessment of key technical indicators and market sentiment. As FET trades below its 100-day SMA and the 4-hour RSI drops below the 50% threshold, bearish momentum is gaining traction, which could signal more downside toward the $1 support range. Related Reading: FET Price Under Pressure: RSI Flags Extended Bearish Move Toward $0.966 However, opportunities for a reversal may arise if the asset manages to hold above key support levels or if buying pressure resurges, driving the RSI back above 50% and reclaiming the 100-day SMA. Meanwhile, this could pave the way for a potential move toward the $1.8 resistance level. Featured image from Medium, chart from Tradingview.com

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