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Cryptocurrency News Articles
Fetch.ai (FET) Price Forms Bullish Reversal Pattern, But Faces Overbought RSI
Sep 28, 2024 at 03:48 am
The price of Fetch.AI (FET) has recently gained momentum, with FET price rallying since Sept. 9. However, the rally seems to be fizzling out as bears seemingly defend the resistance trendline of a bullish technical setup that the token has formed.
The price of Fetch.AI (FET) has recently gained momentum, rallying since Sept. 9. However, the rally seems to be fizzling out as bears are defending the resistance trendline of a bullish technical setup that the token has formed.
Fetch.ai’s involvement in the Artificial Superintelligence Alliance (ASI), a collaboration between Fetch.ai, SingularityNET, and Ocean Protocol, has contributed to the positive price action for the FET token. The alliance aims to advance decentralized Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI).
Technical analysis of the FET USD pair reveals the formation of a bullish technical setup known as the ‘Bump and Run Reversal (BARR) Bottom pattern.’
Discovered by Thomas Bulkowski, the Bump and Run Reversal (BARR) pattern signals a potential bullish reversal after a sustained asset price downtrend. The pattern unfolds in three distinct phases: the lead-in, bump, and run.
During the lead-in phase, prices experience a gradual and controlled decline without excessive speculation. This allows traders to identify and draw a sloping trendline as a key support level.
As the market enters the bump phase, speculative activity intensifies, causing a sharp price drop. Volume spikes or news often trigger this decline, pushing prices lower.
Finally, the run phase begins once the price reaches its bottom and reverses, climbing back up and breaking above the initial trendline formed during the lead-in phase. The breakout signals the start of a recovery or rally.
According to the rules of technical analysis, the FET USD pair could rise to $4.69, a 173% spike from current levels.
The recent bull run has brought FET into the overbought region. The Relative Strength Index (RSI) for Fetch.AI (FET) is nearing overbought territory with a score of 69.84. Overbought RSI levels could often signal potential short-term exhaustion.
While this may trigger a pullback or consolidation, it’s important to note that in strong bullish trends, assets can remain overbought for extended periods. Traders should watch for weakening momentum or divergence before anticipating a price reversal.
Moreover, the Ichimoku Cloud indicator on the FET USD pair suggests strong bullish momentum. FET price is currently trading above the cloud, indicating potential upward movement. The Tenkan-sen (red) and Kijun-sen (blue) lines are positioned below the price, reinforcing this positive trend.
Additionally, the price is nearing the 0.618 Fibonacci retracement level around $1.94, which, if broken, could trigger further gains. Flipping the immediate resistance could help the Fetch.ai coin price rise to the resistance near $2.4.
However, a short-term pullback may occur before the next leg up with the RSI approaching overbought territory. As such, FET price could drop to the support near $1.44. If the immediate support fails, the FET USD pair could end up testing the support near $1.2 before recovering.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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