Rally to $1 or drop to $0.7 — THIS is FET’s next move!
The post Rally to $1 or drop to $0.7 — THIS is FET’s next move! appeared on BitcoinEthereumNews.com.
Analysis of FET’s 4-hour chart revealed that its accumulation phase began on 6 August Indicators and on-chain metrics pointed to bearish dominance over the altcoin Despite its best efforts, FET has not fully recovered from the broader market downturn and remains stuck in an accumulation phase. How it copes with it will dictate its short-term direction on the price charts. Typically, during such a phase, the asset’s price neither climbs significantly nor plummets, maintaining a balance. At the time of writing, FET was trading at $0.839, with the crypto down by just over 1% over the past week while its market cap fell by 3%. In light of FET’s press time status, the looming question is whether it will rally or decline. AMBCrypto thus delved into various metrics to forecast these potential outcomes. Understanding FET’s accumulation phase An accumulation phase is marked by defined resistance and support lines that act as constraints, preventing the price from breaking out upwards or downwards. This phase often precedes a directional breakout, driven by an imbalance in buying or selling pressures. Utilizing Fibonacci retracement lines to determine potential support and resistance zones, AMBCrypto can predict FET’s next movement. However, this is dependent on the imbalance between buyers and sellers. Source: FET/USD, TradingView Should there be an uptick in buying pressure/imbalance, FET might rally to $1.028. On the flip side, dominant selling pressure could push FET down to $0.702. Decline to $0.7 appears more imminent for FET Using the Aroon indicator and Moving Average Convergence Divergence (MACD), AMBCrypto can project a likely decline towards $0.7. The Aroon indicator consists of two lines: Aroon Up (time since the highest price) and Aroon Down (time since the lowest price). When Aroon Up (orange) is above Aroon Down (blue), it signals an uptrend. On the other hand, when Aroon…
Filed under: News - @ August 16, 2024 11:19 pm