FET Chart Signals Price Rally – Here Are Key Levels to Watch

FET Chart Indicates Potential Bullish Reversal

Altcoin Sherpa, a prominent cryptocurrency trader and analyst, has identified the likelihood of a bullish reversal in the Fetch.AI (FET) chart. Emphasizing the importance of the daily market structure, Altcoin Sherpa suggests the formation of a higher low and the possibility of a higher high in the near future.

This suggests a potential trend shift for FET, particularly if key resistance levels are broken. FET has also experienced a significant price surge in the past day and week.

Per Coingecko data at publication, FET trades at $1.39. The token's value has increased by 3.24% in the last day and 23.83% over the week.

FET Pattern Signals Possible Breakout

The chart shared by Altcoin Sherpa exhibits a potential "cup and handle" formation, which is a bullish pattern often associated with a reversal in price trends. The current price action indicates that FET is nearing a critical resistance zone between $1.47 and $1.50.

A price breakout through this resistance level could validate the bullish reversal. This pattern, coupled with increasing trading volume, suggests growing buyer momentum, further bolstering the possibility of a breakout in the coming days.

200-Day Moving Average and Resistance Levels

A crucial indicator to monitor is the 200-day Simple Moving Average (SMA), which presently serves as a resistance zone for FET. The price remains slightly below this key level, and traders should observe for a definitive breakout above it to confirm a bullish trend shift.

If FET surpasses the 200-SMA with substantial volume, it could pave the way for further upward movement. However, failure to do so may trigger a pullback, leading to further consolidation near the resistance level.

Higher Lows and Growing Volume

Altcoin Sherpa also highlights the development of higher lows in the FET price chart. These higher lows, evident in August and early September, augment the probability of a higher high. This is essential for confirming a bullish market structure.

Moreover, the recent surge in volume signifies growing interest in FET, potentially supporting the continuation of its upward trend if resistance levels are breached successfully.