Price action in the Fetch.ai market has successfully extended its medium-term upside retracement, with the token recording over a 7% price increase today. Given the observed behavior of price movements, speculations about the market proceeding further upward appear quite plausible.
Key FET Statistics:
Current FET Value: $0.7149
Fetch.ai Market Cap: $596,266,813
Fetch.ai Circulating Supply: 829,268,541
Total Supply of FET: 1,152,997,575
Fetch.ai CoinMarketCap Ranking: 93
Key Price Levels:
Resistance: $0.7149, $0.7200, and $0.7300
Support: $0.7100, $0.7000, and $0.6900
Fetch.ai Breaks Above the $0.7000 Price Level
The FETUSDT market is displaying determination to continue its upward trajectory after surpassing a broken resistance threshold at the $1.7000 mark. A green price candle signifies the ongoing trading session, with price action hugging the uppermost band of the Bollinger Bands indicator.
The Stochastic Relative Strength Index (RSI) indicator reveals a bullish crossover just above the 70 mark, suggesting potential for further upside momentum.
FET Experiences Minimal Rejection
Further insights into the behavior of price action in the Fetch.ai 4-hour chart reveal minimal rejections. Although an upper shadow appears on the last price candle in the daily market, the 4-hour market indicates that price action has bounced off the uppermost limit of the Bollinger Bands indicator.
While the token is still trading above the $1.7130 price level, the RSI indicator line delivers a bearish crossover in the oversold region. Despite this, with price action above $1.7130 and above the middle limit of the Bollinger Bands, buyers may resist further downward corrections. Nevertheless, price action is likely to test the support at the $1.7100 mark before any potential bounce towards the $1.8000 mark.
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