The FET is facing strong downward pressure as bearish signals spread, with the Relative Strength Index (RSI) indicating that further weakness may be on the horizon. The recent declines have pushed the FET price closer to key support levels, and the current RSI reading indicates a continuation of the downtrend. With a potential decline towards the $0.966 target, investors are wondering if FET can find a bottom or if there are additional losses ahead.
This article analyzes the recent downward pressure on the FET price, with a particular focus on the pessimistic signals indicated by the RSI. By examining current market conditions, key support and resistance levels and RSI effects, we will explore whether the token will likely continue its decline towards the $0.966 target or whether a potential reversal is on the way.
What the FET RSI reveals
On the 4-hours chart, FET showed clear bearish momentum, falling below the 100-day simple moving average (SMA) as it approaches the $0.966 mark. This move below the 100-day SMA indicates that negative forces are currently outweighing bullish attempts at a price recovery, which could open the door to further declines.
An analysis of the 4-hour chart shows that the Relative Strength Index (RSI) has now fallen to the 34% level after a previous attempt to rise was halted at 46%. An RSI near 30% often indicates that a potential reversal may be imminent. However, in this context, it may also indicate a continuation of the downward path unless buying interest returns to support the rebound.
At the same time, on the daily chart, the FET is showing a noticeable bearish movement as it tries to fall below the 100-day simple moving average. This pullback highlights rising selling pressure and negative market sentiment, which collectively increase the likelihood of the asset falling below the simple moving average (SMA) and heading towards the $0.966 mark. A successful breakout of the 100-day simple moving average may signal additional declines, pushing the price down to this critical support level.
Finally, the 1-day RSI shows that the downside pressure on the FET is increasing as the signal line recently fell below 50%, now holding at 39%. As the RSI remains in this lower range, it indicates that sellers are gaining dominance, paving the way for further declines unless buying momentum can return to change sentiment.
Key Support Levels: Can $0.966 withstand the downward move?
As FET price is still under downward pressure, the $0.966 mark stands out as a crucial support level. If the price breaks below this limit, it could indicate a strong correction, which could lead to a further decline towards the $0.459 level and beyond.
Conversely, if the symbol manages to hold its position above $0.966, it could signal a potential reversal, enabling bulls to regain some control in the market and push the price higher towards the $1.86 resistance level and beyond.
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