The FET is showing renewed positive strength, with recent price action suggesting a break to the $1.8 resistance level may be in the offing. After bouncing back from key support zones, the cryptocurrency has captured the attention of traders as upward pressure begins to build. With buying interest increasing and technical indicators showing signs of strength, the stage is set for FET to reclaim potentially higher price levels, positioning $1.8 as a crucial target for bulls looking to extend the rally.
The purpose of this article is to analyze the 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 attempts to assess the likelihood of a breakout and the potential for further upside moves in the short term.
Indicators point to more upside for FET
On the 4-hour chart, FET is showing bullish signs as it aims to break above the 100-day Simple Moving Average (SMA). A push above this key technical indicator could successfully generate strong buying interest, indicating the bulls are regaining control and paving the way for additional gains towards the $1.8 resistance level.
An analysis of the 4-hour Relative Strength Index (RSI) reveals renewed bullish potential as the RSI has climbed above the 50% threshold and currently stands at 58%. This upward shift indicates increasing buying pressure. If the RSI continues on this trajectory, it could indicate more upside moves for the FET, paving the way for new highs and reinforcing the bullish trend.
After successfully avoiding a decline below the 100-day daily SMA, FET has positioned itself firmly above this key level, indicating that buyers have regained control. Staying above this crucial technical indicator suggests that the FET could continue its upward trajectory, with the 100-day SMA now acting as a solid support level, further strengthening the potential for continued gains.
Moreover, the RSI on the daily chart is currently at 54%, after an earlier dip to 44%. The rise from lower levels indicates that FET may be gaining strength, with the potential for more growth if buying interest remains consistent.
What could happen after $1.8?
The FET is currently on an upward trajectory and expects a breakout above the $1.8 resistance level. A successful move beyond this point could pave the way for further gains, with the next target being around $2.5. Should the FET breach $2.5, increased buying interest could provide additional momentum, pushing the price towards the $3.4 resistance level.
However, if momentum is not maintained and the USD 1.8 resistance is broken, it could lead to a pullback towards the USD 0.966 support level. If the price falls below this critical point, it could lead to further declines, potentially opening the door for deeper price corrections.
Credit : www.newsbtc.com
