FET is under significant bearish pressure as negative signals take precedence, with the Relative Strength Index (RSI) indicating that further weakness might be forthcoming. Recent price drops have brought FET closer to crucial support levels, and the current RSI reading suggests a continuation of this downward trend. With a potential decline towards the $0.966 target, investors are contemplating whether FET can establish a bottom or if further losses are imminent.
This article examines the recent downward pressure on FET’s price, emphasizing the negative signals reflected by the RSI. By analyzing the existing market conditions, crucial support and resistance levels, and the implications of the RSI, we’ll investigate whether the token is likely to continue its slide toward the $0.966 target or if a possible reversal could be forthcoming.
Insights from the RSI for FET
On the 4-hour chart, FET has exhibited strong bearish momentum, having slipped below the 100-day Simple Moving Average (SMA) as it nears the $0.966 level. This movement beneath the 100-day SMA indicates that bearish forces are currently overpowering any bullish Recovery attempts, which may lead to further price declines.
An examination of the 4-hour chart reveals that the Relative Strength Index (RSI) has dropped to the 34% level after a previous attempt to rally that failed at 46%. An RSI near 30% often suggests an imminent reversal. However, in this case, it may also indicate a continuation of the downtrend unless buying interest resurfaces to support a recovery.
Meanwhile, the daily chart shows that FET is experiencing significant bearish movement as it attempts to dip below the 100-day SMA. This decline underscores increasing selling pressure and a negative market sentiment, both of which elevate the chances of the asset falling beneath the SMA and heading towards the $0.966 mark. A successful break below the 100-day SMA could lead to further declines, bringing the price down to this important support level.
Finally, the 1-day RSI indicates that the negative pressure on FET is escalating, with the signal line recently falling below 50% and currently sitting at 39%. As the RSI remains within this lower range, it suggests that sellers are gaining the upper hand, potentially paving the way for additional declines unless buying momentum can return to shift market sentiment.
Critical Support Levels: Will $0.966 Withstand The Bearish Pressure?
With FET’s price continuously under downtrend pressure, the $0.966 level emerges as a pivotal support zone. If the price breaches this support, it could indicate a significant correction, possibly leading to further declines towards the $0.459 level or lower.
Conversely, if the token can maintain its position above $0.966, it might signal a potential reversal, allowing bulls to regain some control in the market and potentially pushing the price higher towards the $1.86 resistance level and possibly beyond.
