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FET Records Weekly High, Oversold Market Signals Correction

Published May 31, 2023 10:00AM ET
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FET Records Weekly High, Oversold Market Signals Correction
 
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  • FET price surges to new 7-day high signals bullish momentum.
  • Selling pressure rises as FET’s bullish momentum weakens.
  • FET’s oversold stochastic RSI suggests a potential reversal ahead.

Today’s bullish momentum in the Fetch.ai (FET) market was at its peak, with the price jumping from a 24-hour low of $0.2619 to a new 7-day high of $0.2888. As of press time, the FET was trading at $0.2711, up 2.78% from its previous close.

During the rise, FET’s market capitalization and 24-hour trading volume increased by 2.24% and 172.92%, respectively, to $220,889,816 and $89,326,433.

If the bulls break over the $0.2888 resistance level, the next potential barrier level is $0.3111. However, if bears seize control and send the market below the $0.2619 support level, the next support level might be around $0.2396.

FET/USD 24-hour price chart (source: CoinMarketCap)

The Chaikin Money Flow (CMF) motion in the negative region with a value of -0.14 on the FETUSD 2-hour price chart implies that the bullish momentum may be losing pace.

This movement in the negative region indicates increased selling pressure in the market, which might lead to a price correction.

The market’s bullish momentum may end with the Money Flow Index going south with a value of 57.46. This MFI trend shows that investors are less ready to purchase at current prices and may be eager to sell instead.

FET/USD 2-hour Chart (source: TradingView)

The Relative Strength Index rating of 50.40 and the movement below its signal line indicate that FET’s bullish momentum is beginning to wane. However, since the RSI is still over 50, the market is still under some purchasing pressure.

With a value of 5.59, the stochastic RSI is at the oversold level, suggesting that the positive momentum in FET may soon reverse. This action implies that investors should be cautious and consider taking gains if they have been holding FET for a long since a reversal may be on the horizon.

FET/USD 2-hour Chart (source: TradingView)

In conclusion, FET’s bullish momentum shows signs of weakening, suggesting a potential price correction and the need for cautious decision-making.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post FET Records Weekly High, Oversold Market Signals Correction appeared first on Coin Edition.

See original on CoinEdition

FET Records Weekly High, Oversold Market Signals Correction
 

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