The Fetch.AI (FET) chart is showing the formation of a symmetrical triangle that may lead to significant price movements soon. Investors are closely monitoring this situation as the asset approaches a critical point.
Symmetrical Triangle on FET Chart
The FET chart reveals a symmetrical triangle with converging support and resistance lines. Traders note that this setup signals a possible significant price movement as it nears the apex. "Fetch is developing a symmetrical triangle pattern on the daily chart with converging support and resistance lines", states Jonathan Carter. Support is observed around $0.62–$0.65, coinciding with the ascending support line and the 50-day moving average.
Key Levels to Watch
Immediate support for FET resides between $0.62 and $0.65, which traders use to gauge market sentiment. The first resistance level is at $0.80, where a breakout may indicate a change in momentum. Additional resistance levels are at $0.94 and $1.15, with $1.60 representing a critical trading zone.
Market Indicators and Outlook
The 50-day moving average at $0.71 represents dynamic resistance. A breakout above the moving average would maintain bullish momentum for FET. The RSI currently remains in mid-range, indicating no overbought or oversold conditions. Traders expect increased activity as the triangle approaches its apex, which may lead to a decisive price breakout.
The formation of a symmetrical triangle for FET may signal upcoming significant price movements. Key support and resistance levels will be crucial for traders in the coming days.
