- FET Chart Signals Possible Breakout
- 200-Day Moving Average and Resistance Levels
- Higher Lows and Growing Volume
Crypto trader and analyst Altcoin Sherpa has highlighted a potential bullish reversal on the FET chart, emphasizing the need for evaluating the daily market structure.
FET Chart Signals Possible Breakout
The chart shared by Altcoin Sherpa showcases a potential 'cup and handle' formation, a bullish pattern often indicating trend reversal. The current price action suggests FET is approaching a critical resistance zone around $1.47 to $1.50. Price indicators and trading volumes suggest growing buying momentum, potentially supporting a breakout in the coming days.
200-Day Moving Average and Resistance Levels
One of the key indicators to watch is the 200-day Simple Moving Average (SMA), currently acting as a resistance zone for FET. If the price breaks through this level with substantial volume, it could pave the way for continued upward movement. Otherwise, a pullback and consolidation around the resistance level could occur.
Higher Lows and Growing Volume
Altcoin Sherpa also noted the formation of higher lows in the FET price chart. These higher lows, observed in August and early September, increase the likelihood of forming higher highs, crucial for confirming a bullish market structure. The recent surge in volume indicates growing interest in FET, potentially supporting the upward trend continuation if resistance levels are successfully breached.
Based on Altcoin Sherpa's analysis, FET might be on the verge of a significant bullish reversal. Close monitoring of key resistance levels and trading volume dynamics can help traders determine their next steps.
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