The FET is showing renewed positive strength, as recent price action suggests that a breakout towards the $1.8 resistance level could be on the horizon. After bouncing off key support areas, the cryptocurrency attracted traders’ attention as bullish pressure began to build. With buying interest growing and technical indicators showing signs of strength, the stage is set for the possibility of FET reclaiming to higher price levels, positioning $1.8 as a crucial target for bulls looking to extend the rally.
The goal of this article is to analyze FET’s recent bullish momentum as it approaches the $1.8 resistance level. By examining key technical indicators, price patterns and market sentiment, this piece seeks to assess the potential for a breakout and the potential for further upward movement in the near term.
Indicators are pointing towards further upward movement for FET
On the 4-hours chart, the FET is showing bullish signs as it aims to break above the 100-day simple moving average (SMA). A successful push above this key technical indicator could attract significant buying interest, indicating that the bulls are regaining control and paving the way for additional gains towards the $1.8 resistance level.
Analysis of the 4-hour Relative Strength Index (RSI) reveals renewed bullish potential, as the RSI has risen above the 50% threshold and currently stands at 58%. This upward shift indicates increased buying pressure. If the RSI continues on this path, it may indicate further upward movements for the FET, paving the way for new highs, and strengthening the uptrend.
After successfully avoiding a drop below the 100-day daily simple moving average, the FET has positioned itself firmly above this key level, suggesting that buyers have regained control. Holding above this important technical indicator suggests that the FET may continue its upward trajectory, with the 100-day SMA now acting as a strong support level, enhancing the potential for continued gains.
The Relative Strength Index on the daily chart is currently at 54%, after its previous drop to 44%. The rise from lower levels suggests that FET may be regaining strength, with further growth likely if buying interest remains steady.
What could happen after $1.8?
FET is currently on an upward trajectory, looking to break above the $1.8 resistance level. Success above this mark could pave the way for further gains, with the next target set around $2.5. If the FET crosses $2.5, increased buying interest could fuel additional momentum, pushing the price higher towards the $3.4 resistance level.
However, failure to maintain the momentum and break below the $1.8 resistance level could lead to a pullback towards the $0.966 support level. If the price drops below this critical point, it could lead to additional declines, which could open the door to deeper price corrections.
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