As a seasoned crypto investor with battle-scarred fingers from navigating through countless market cycles, I’ve learned to always tread cautiously when the RSI paints a bearish picture, like it does for FET right now. The current downward pressure and the breach below key support levels have me feeling like I’m standing on the precipice of a steep mountain slope.
The cryptocurrency FET is under significant selling pressure as negative indicators emerge, with the Relative Strength Index (RSI) indicating that a further drop might be imminent. Recent falls have brought FET’s price closer to critical support thresholds, and the current RSI reading suggests that the bearish trend may persist. There’s a possibility of a decline toward the $0.966 mark, leading investors to question whether FET has reached its bottom or if further declines are yet to come.
This piece delves into the current drop in FET’s price, zeroing in on cautious signals suggested by the RSI. By scrutinizing the present market trends, crucial support and resistance points, and the potential impact of the RSI, we’ll investigate whether the token might continue its slide towards the $0.966 mark or if a possible turnaround could be imminent.
What The RSI Reveals For FET
On a 4-hour scale, FET has shown strong downward momentum, dipping beneath its 100-day Simple Moving Average (SMA) as it approaches $0.966. This fall below the 100-day SMA suggests that negative forces are overpowering the positive efforts to raise prices at this moment, which could lead to additional drops.
Examining the 4-hour chart shows that the Relative Strength Index (RSI) has dropped to around 34% after an unsuccessful effort to surge, which peaked at 46%. Typically, an RSI close to 30% hints at a possible upcoming reversal. Yet, in this scenario, it might also indicate the prolongation of a downward trend unless there’s increased buying activity to trigger a recovery.
Currently on the daily chart, FET is showing significant bearish trends as it attempts to dip below its 100-day Simple Moving Average (SMA). This slide suggests growing selling pressure and pessimistic market feelings, making it more likely that the asset will fall beneath the SMA and approach the $0.966 mark. If the 100-day SMA is broken, it could indicate further declines, potentially driving the price down to this crucial support level.
In summary, the one-day Relative Strength Index (RSI) indicates that selling pressure on FET is increasing since the signal line has just dipped below 50% and now stands at 39%. With the RSI staying in this lower region, it implies that sellers are currently in control, which could lead to additional declines unless a buying surge emerges to reverse the trend.
Key Support Levels: Can $0.966 Hold Against The Bears?
With FET’s price continuing to trend lower, the $0.966 point becomes a significant level of support. Should the price drop beneath this point, it could indicate a substantial correction that might lead to further declines, potentially reaching the $0.459 mark or even lower.
Instead, if the token maintains its value above $0.966, it might signal a possible turnaround. In this case, bulls could regain some dominance in the market, potentially pushing the price upward, aiming to break through the $1.86 resistance level and possibly even surpass it.
Read More
Sorry. No data so far.
2024-10-26 05:46