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- Bears’ reign in the FET market ends after $0.4115 support establishes.
- Bulls’ intervention boosts the price to an intraday high of $0.4846.
- A bullish crossover in the FET market gives traders hope for a prolonged bull run.
Despite being dominated by bears earlier in the day, the Fetch.ai market has found support around $0.4115 and is trending upwards again. The latest surge in bullish momentum has sent the FET price to a new 7-day high of $0.4846, which is the intraday thrill. At press time, the bulls had pushed the FET price up 11.69% to $0.4743.
Owing to the likelihood of a lengthy bull run, traders are looking for an immediate resistance level of $0.4846, which, if broken, may push prices toward $0.50 and even higher into a new all-time high. Based on this hypothesis, the market cap increased by 12.10% to $390,891,068, and the 24-hour trading volume increased by 11.42% to $156,432,455. Traders and investors are buzzing over the recent bullishness of FET prices, with many assuming this increase will stay.
FET/USD 24-hour price chart (source: CoinMarketCap)
The bulging Keltner bands on the FET price chart, with the upper band at 0.47134036 and the lower band at 0.39303832, indicate the current status of the FET market, characterized by greater volatility.
This volatility indicates that the market is ripe for investing and the possibility of more significant gains. Price action builds a massive green candlestick and goes over the upper band, marking an upward trend, implying that the volatility might lead to a longer-term rally. The more market volatility, the greater the likelihood that traders will be able to benefit from rapid yet successful swings.
With a value of 3.30249407, the Coppock Curve indicates a positive market sentiment, indicating that traders may have a chance to capitalize on market moves and earn more significant profits. As a result, market volatility paired with a positive mindset enables traders to profit from short-term market shifts.
The 100-day MA crosses below the 20-day MA, indicating a bullish crossover, with values of 0.43648876 and 0.43012640, respectively. This movement represents FET’s underlying momentum, which shows buyers are in charge and that a bullish trend may emerge shortly. As a result, a bullish crossing signals investors to purchase and profit from the movement.
Since price action advances above both MAs, investors may be confident that there will be an upswing and positive momentum soon. Therefore, they should be able to take advantage of it by buying in to take advantage of the prospective uptrend.
At a value of 0.00160416, the MACD line goes above its signal line and enters the positive area, indicating that purchasing pressure is more robust than selling pressure, which is a solid sign for a bullish trend. The histogram backs this bullish concept, which displays a positive reading and represents that the MACD line is trading higher than the signal line, indicating the strength of the bullish crossover.
Technical indicators suggest bullish strength in the FET market is growing, which might lead to bullish supremacy.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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