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Following a period of headwinds that led to the Fetch.ai price dropping below a key indicator, the market’s price action has remained subdued. This resulted in several unsuccessful attempts to gather substantial bullish momentum. Given recent developments, what can traders anticipate for this market?
Key FET Statistics:
Current Fetch.ai Value: $0.2123
FET Market Cap: $171,667,100
Circulating Supply of Fetch.ai: 812,386,523
Total Supply of Fetch.ai: 1,152,997,575
FET CoinMarketCap Ranking: 140
Key Price Levels:
Resistance: $0.2123, $0.2200, and $2260
Support: $0.2100, $0.2050, and $0.2000
Fetch.ai Seeks to Harness Bullish Momentum
In the 24-hour FET market, while the price action predominantly remains below the 21-day Moving Average (MA) line, it’s evident that buyers have found an entry point to target higher resistance levels. Since the previous session, the market has recorded moderate gains as buyers re-entered near a three-month low at $0.2014.
However, trading activities are still occurring below the MA curve. This has led to the Moving Average Convergence Divergence (MACD) indicating a diminishing bearish movement, as its lines are converging just below the equilibrium level.
FET Aims for the $0.2150 Price Threshold for Further Upside Momentum
Examining the 4-hour FETUSDT market reveals that buyers have been consistently striving to approach a significant resistance level. The price action is currently above the MA line. However, there has been a noticeable decrease in the size of price candles over the past two trading sessions, with the current session showing minimal profit.
Nevertheless, the MACD line continues to rise towards the equilibrium level with unwavering momentum. In contrast to what is evident on the chart, the indicator’s bars remain solid green above the 0.00 level, signifying the persistence of upside forces. Consequently, this suggests that the token’s price may still reach the $0.2200 mark.
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