FET Price Falls Below 100-Day SMA, Approaches $1 Support Level
The price of Fetch.ai (FET) has fallen below its critical 100-day Simple Moving Average (SMA), raising concerns about potential further declines toward the next support level at $1. This breach marks a significant moment for the asset, allowing negative pressure to potentially take hold. Market participants are monitoring FET's ability to recover above the SMA to avoid deeper declines.
This article analyzes FET's recent slip below the 100-day SMA and its implications for future price movements. It explores whether this breach signals continued bearish momentum or a possible recovery, providing insights into key levels and scenarios to watch in the coming days.
Analyzing Bearish Momentum: Is A Deeper Decline Likely For FET?
FET has dropped below the 100-day SMA on the 4-hour chart, indicating bearish strength as the price approaches the $1 support zone. This breakdown reflects reduced buyer interest, giving bears control of the market. Holding at $1 could prompt a reversal; however, a breach below may lead to further declines toward lower support levels.
The 4-hour Relative Strength Index (RSI) has fallen below the critical 50% level, currently at 44%, indicating increased bearish sentiment and selling pressure as FET struggles to regain upward momentum. If the RSI fails to recover above 50%, the bearish trend may continue, suggesting traders should watch for signs of a reversal or ongoing pressure leading to further drops.
On the daily chart, FET exhibits strong negative strength, marked by a bearish candlestick pattern that has pushed the price below the 100-day SMA. This pattern implies that sellers are firmly in control, likely driving prices lower in the near term.
The 1-day RSI analysis indicates that FET may face extended losses, remaining below the 50% threshold and reflecting a continued bearish trend. A recovery above this level could signal a potential reversal; however, FET continues to struggle with upward momentum.
Navigating Risks And Opportunities In FET’s Price Action
Navigating risks and opportunities in FET’s price action necessitates careful assessment of key technical indicators and market sentiment. As FET trades below its 100-day SMA and the 4-hour RSI falls below 50%, bearish momentum is increasing, which may indicate more downside toward the $1 support range.
Opportunities for a reversal may arise if the asset holds above key support levels or if buying pressure returns, pushing the RSI back above 50% and reclaiming the 100-day SMA. This could facilitate a move toward the $1.8 resistance level.
