FET Faces Downward Pressure: What the RSI Reveals
- Barbara StreisandOriginal
- 2024-10-26 16:22:15201browse
FET is facing strong downward pressure as bearish signals take hold, with the Relative Strength Index (RSI) suggesting further weakness could be on the horizon.
Fetch.ai (FET) has been encountering significant selling pressure lately, evident in its 4-hour chart. As the token price continues to slip lower, key support and resistance levels, along with the Relative Strength Index (RSI), come into focus to help us gauge the direction of the token's movement.
After failing to sustain a rally attempt at 46, the RSI has now dropped to 34, nearing the 30 level on the 4-hour chart. While an RSI around 30 may typically indicate a potential reversal, in this context, it might also suggest a continuation of the bearish trend unless buying interest returns to support a rebound.
Meanwhile, on the daily chart, FET is displaying a notable pessimistic movement as it tries to fall below the 100-day Simple Moving Average (SMA). This downturn highlights rising selling pressure and negative market sentiment, which collectively heightens the probability of the asset dropping below the SMA and heading toward the $0.966 mark. A successful breach of the 100-day SMA could signal additional declines, pushing the price down to this critical support level.
Finally, the 1-day RSI shows that negative pressure on FET is intensifying as the signal line has recently dropped below 50%, now settling at 39. As the RSI remains in this lower range, it suggests that sellers are gaining dominance, potentially paving the way for further drops unless buying momentum can return to shift the sentiment.
As FET’s price remains under downward pressure, the $0.966 mark stands out as a crucial support level. If the price breaks below this threshold, it may signal a strong correction, possibly resulting in more decrease toward the $0.459 level and beyond.
Conversely, if the token manages to hold its position above $0.966, it could indicate a potential reversal, enabling bulls to reclaim some control in the market and driving the price higher toward the $1.86 resistance level and beyond.
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