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FET’s Latest Breakout Means Traders Should Watch Out For These!
Fetch.AI (FET) has taken the market by storm with its impressive upside momentum, breaking through crucial resistance levels and hinting at potential further gains. Following a brief consolidation near $1.290, the altcoin surged past the $1.315 barrier, maintaining its upward trajectory.
As FET eyes $1.335, strong buying pressure is reinforcing its bullish trend. A closer examination of Fibonacci levels reveals that this price level may serve as a significant hurdle, where sellers might test the rally. However, if the asset can overcome this resistance, it could potentially target higher levels beyond $1.40.
A glance at the Relative Strength Index (RSI) also indicates that FET’s current breakout remains within bullish territory, with no signs of overbought conditions just yet. This suggests that there is still room for additional upward momentum to unfold in the short term. A sharp retracement might indicate waning buying pressure, potentially leading to a retest of the $1.290 support zone.
In addition to this technical analysis, market sentiment has also seen an uptick in optimism. As reflected by the Fear and Greed Index, which is currently flashing “Greed,” traders are increasingly confident about bullish price movements. This aligns with FET’s breakout from consolidation, as the surge above $1.315 coincides with heightened risk-taking behavior in the market.
It is essential for traders to be aware of this growing greed, as excessive optimism could potentially lead to a correction. Sustained bullish momentum for FET would require sentiment not to reach extreme levels while still allowing room for further gains towards $1.35 or beyond.
Finally, it is crucial to consider broader market trends. The cumulative crypto market cap has seen a substantial 2% growth over the past 24 hours, surpassing the critical threshold of $3.2 trillion. This significant capital inflow into the crypto market indicates greater investor interest and confidence in digital assets, including FET.
As a result, when the total market cap continues to rise, FET’s price could potentially target $1.35 and possibly extend its gains beyond $1.40 in the coming sessions.
Source: ambcrypto.com
