See More

Fetch.ai (FET) Price Endures Bearish September – Will October Reverse the Trend?

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • The Fetch.ai (FET) price fell after failing to break out from the $0.27 resistance area on September 3, starting a downward trend.
  • Despite the decrease, FET broke out from a shorter-term descending resistance trendline on September 28. The RSI supports this move.
  • Failure to close above the $0.23-$0.24 Fib resistance region will indicate that the trend is still bearish. If so, a sharp drop could follow.
  • promo

The Fetch.ai (FET) price has fallen since a rejection from the $27 resistance area on September 3.

Despite the decrease, FET broke out from a shorter-term descending resistance trendline on September 28.

FET Approaches Ascending Support Trendline

The FET price has increased alongside an ascending support trendline since June 2022. More recently, the price validated the line on August 17 and 22 (green icons). The touches created long lower wicks, considered signs of buying pressure. 

The rate of increase accelerated after the final bounce. This took the FET price to a high of $0.27 on September 3. However, the cryptocurrency failed to break out from the $0.27 resistance area, which has been in place since May.

Rather, it began a downward movement that is still ongoing. 

Fetch.ai (FET) Price Movement
FET/USDT Daily Chart. Source: TradingView

The daily RSI does not determine the trend. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. While the RSI is increasing, it was rejected at 50 (red circle). The mixed readings make for an undetermined trend.

FET Price Prediction: Will Price Retest $0.27?

Unlike the daily timeframe, the six-hour one provides a more bullish outlook. There are two main reasons for this. 

Firstly, the price broke out from a shorter-term descending resistance trendline (dashed). Such breakouts often lead to significant increases. 

After the breakout, the FET price reached the 0.382-0.5 Fib retracement resistance region at $0.23-$0.24.

According to the Fibonacci retracement levels theory, following a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction.

For the upward movement to be confirmed as bullish, the FET price has to close above this region. 

Secondly, the six-hour RSI has validated the 50 trendline as support (green icon). This could lead to the indicator resuming its increase, in turn causing the price to break through the Fib resistance.

If the increase continues, the $0.27 resistance area will be 10% above the current price.

FET Price Prediction
FET/USDT Six-Hour Chart. Source: TradingView

Despite this bullish FET price prediction, failure to clear the 0.382-0.5 Fib region will likely lead to a retest of the long-term ascending support line at $0.20. This would be a drop of 10%.

For BeInCrypto’s latest crypto market analysis, click here

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored