Since Fetch.ai’s price tested, breaking the support level at the $2.00 mark, buyers seem to have seized the opportunity to re-enter the market. As a result, buyers have stayed mostly in control of the market, pushing it to the brink of breaking a new technical resistance in a new session.
FET Statistics:
Current Fetch.ai Value: $2.4
FET Market Cap: $2,075,014,779
FET Circulating Supply: 848,193,896
Fetch.ai Total Supply: 1,152,997,575
Fetch.ai CoinMarketCap Rank: 51
Key Price Levels:
Resistance: $3.00, $4.00, and $5.00
Support: $2.00, $1.50, and $1.00
FET Prepares to Cross the $2.50 Mark
The Fetch.ai market has maintained an upside trajectory since rebounding off the support at the $2.00 mark. Price action in this market has risen past the middle band of the Bollinger Bands indicator. Additionally, the Stochastic Relative Strength Index (SRSI) lines are rising further into the overbought region.
The leading line of this indicator has just crossed the 80 mark, while the lagging one has breached the 60 mark. The distance between the indicator lines suggests that the market maintains decent volatility. Considering the ongoing trend, this will likely assist the market in crossing the nearest psychological resistance level.
Fetch.ai Bulls Have a Firm Grip on the Market
By extending the FET price analysis to a 4-hour market, more insight can be acquired. Here we can see that upside forces are consistently propelling the market. Also, recent price candles can be seen lurking around the uppermost limit of the Bollinger Bands. The Bollinger Bands themselves can be seen tilting upward, indicating the prevailing market trend.
Meanwhile, the SRSI indicator lines have reached the overbought region but have just delivered another upside crossover. This may suggest renewed strength for the uptrend. Consequently, this may incite the use of more bullish crypto signals, thereby facilitating the exit of price action from below the $2.50 towards the $3.00 mark.
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