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Today’s trading activity in Fetch.ai has ushered the token’s price action into trading above a new psychological price level. This occurred after the token’s price increased by nearly 6.21%. Furthermore, it appears that this market may have secured the necessary grounds to sustain and move above the newly found support.
FET Statistics:
Current Fetch.ai Price: $1.070
FET Market Cap: $2,675,287,359
Fetch.ai Circulating Supply: 2,630,547,141
Fetch.ai Total Supply: 2,630,547,141
FET CoinMarketCap Rank: 31
Price action in the Fetch.ai market has seen considerable price increases, such that the token now trades above the $1.00 mark. Additionally, the uppermost limit of the Bollinger Bands (BB) indicator shows that the corresponding price candle can be seen just above this uppermost limit.
Although the market hasn’t seen huge gains, the Stochastic Relative Strength Index (Stochastic RSI) lines are rising rapidly. The leading line of the indicator is already deep into the overbought region. This suggests that buyers must exert considerable pressure to sustain the price above the $1.00 threshold and to initiate a move towards the $1.500 mark.
FET Sees a Retracement Near the $1.100 Price Level
While price movement in the Fetch.ai market has significantly pushed against the uppermost band of the BB indicator, a downward retracement has resulted. This seems normal given the rules governing the indicator. However, price activity stays above the $1.00 threshold and at a considerable distance above the middle limit of the BB indicator.
Additionally, the upper limits of this indicator are widening to accommodate the increasing bullish momentum. The Stochastic RSI lines have delivered a bullish crossover below the 50 level of the indicator. The leading line is already above the 50 level, while the lagging line is still below the 40 level. This hints that volatility may increase, suggesting that traders might still use crypto signals targeting the $1.500 mark.
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