Can (FET) Keep Up Momentum After 400% Price Increase?

2 mins
6 February 2023, 15:45 GMT+0000
Updated by Geraint Price
6 February 2023, 15:45 GMT+0000
In Brief
  • (FET) broke out from a long-term descending resistance line.
  • There is horizontal resistance at $0.47.
  • The daily RSI generated bearish divergence.
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The (FET) price has reached a long-term resistance level. But before it breaks out, an initial retracement could occur.

The FET price has increased at an accelerated rate since breaking out from a long-term descending resistance line at the beginning of the year. So far, it moved upward by 410%. 

Currently, the price is trading inside the $0.47 resistance area. This is a crucial resistance since it is the final one before the $0.90 highs. So, a breakout above it could lead to a 100% price increase. 

While the weekly RSI is overbought, it has not generated any bearish divergence yet. Therefore, it is possible that the upward movement will continue. (FET) Weekly Price
FET/USDT Weekly Chart. Source: TradingView Price Faces Possibility of Correction

Despite the bullish outlook from the weekly time frame for FET, the daily one provides a bearish one. There are two main reasons for this.

Firstly, the daily RSI generated bearish divergence (green line). The indicator has created three lower highs, all signs that a downward movement could follow.

Secondly, the price has completed a five-wave upward movement. In it, waves three and five had a 1:1 ratio, common in such structures. So, combining these two facts with the long-term resistance at $0.47 makes a FET price decrease likely. 

If one occurs, the FET token price could fall to the $0.25 support area. 

On the other hand, a close above $0.47 would mean that the trend is still bullish. In that case, the price could increase to $0.90.

Fetch.AI (FET) Wave Count
FET/USDT Daily Chart. Source: TradingView

To conclude, the most likely price forecast is a drop toward $0.25, followed by an eventual breakout from the $0.47 area. A weekly close above $0.47 would mean that the correction is complete, and the price can increase to $0.90.

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