Fetch.ai is approaching the $1.20 buy zone as it shows signs of an uptrend. Cryptodoc_ is currently reporting that FET has recently broken out of a long-term downtrend line and the $2.00 target could be reached from here.
Traders are keeping a close eye on whether FET can hold support and maintain its bullish momentum.
A breakout of a downtrend and its retest may signal a trend reversal
On the daily chart, Fetch.AI has just broken through a long-term downtrend line, marking a significant breakout from the extended bearish trend that has persisted through much of FET’s price action throughout the year.
After the breakout, Fetch.ai (FET) price pulled back to test the previous downtrend line, and this move could serve as confirmation if buyers enter at this level.
If FET successfully holds above this level, it could strengthen this reversal and attract additional buying interest.
Looking further, the Money Flow Index (MFI) is almost neutral at 42.06, indicating equal pressure from buyers and sellers. An increase in MFI could mean that buying interest is strong enough to push the price to new highs.
$1.20 Buy Zone Shows Potential Entry Point
According to technical analysis by Cryptodoc_, there is a significant buy level at $1.20 where the price could find support.
This green shaded area corresponds to previous consolidation levels, creating a possible support zone for buyers looking for long-term positions.
$FET is approaching another buy zone. (Green box)@Fetch_ai is a long term HODL and we’ve been on it since version 0.08 💚 pic.twitter.com/u5Tb1Vew0y
— CryptoDoc (Gem Hunter💎) (@cryptodoc_) November 15, 2024
“Fetch_ai is a long term HODL and we have been working with it since version 0.08.” cryptodoc_ notes that this adds positivity to FET’s prospects.
The buy zone represents both technical and psychological price support as there was multiple buying interest at this level, limiting the downside potential to FET.
But if FET fails to maintain a position above this level, another decline could occur with the next major support found at $1.00. A fall below $1.20 suggests bears have taken over the market.
Fetch.ai upside to $2.00 if support continues
Cryptodoc_adds that if support remains strong in the buy zone and bulls continue to drive the market, FET will move towards the $2.00 level.
However, this level, marked in red on the chart, has previously acted as an area of resistance and may attract profit taking if FET reaches it. Given the potential for further bullish moves, $2.00 is an achievable target for traders.
