Following a week of bearish pressure dominating the Fetch.ai (FET) market, bulls have defied the bears in the previous 24 hours. This bullish domination propelled the FET price from a 24-hour low of $0.3792 to a 7-day high of $0.4814 in the last 24 hours, showing increased investor confidence and a likely change in market attitude towards FET.
At press time, the bulls were still in command, with the price at $0.4564, a 20.14% increase despite resistance at the intra-day high.
Traders joined the rally during this upturn, causing the market capitalization to rise by 20.18% to $373,888,765, signaling a growing interest in FET, which may continue to draw additional investors if the positive trend continues.
The 24-hour trading volume increased by 164.94% to $367,119,166, indicating significant trading activity and liquidity in the FET market. This surge might feed the upward trend and yield even bigger returns for optimistic FET investors.
FET/USD 7-day price chart (source: CoinMarketCap)
Rising Keltner Channel bands on the FET 4-hour price chart, with the upper bar at 0.46021102 and the lower bar touching 0.35354518, indicate that the price of FET is in an uptrend and a bullish breakout is possible. As a result, this shift suggests that investors consider buying FET at the present price levels and setting stop-loss orders below the lower Keltner Channel band to mitigate risk.
Almost breaking above the top band confirms the bullishness of the trend and signals that traders should consider taking gains there. This precaution is because the price may have a pullback or correction after hitting the upper band, which might result in losses if traders do not take gains on time.
Nonetheless, the MACD moves north and in the positive zone with a score of 0.02930205, suggesting that bullish momentum is still strong. Traders may consider keeping their positions or adding to them, depending on their risk tolerance and investment goals.
FET/USD chart (source: TradingView)
The Bull Bear Power (BBP) indicator, which now has a level of 0.07435839, indicates that the bulls are currently dominating market sentiment. This development gives traders faith that the FET bullishness will continue in the foreseeable future.
Based on the “strong buy” signal from the Technical Ratings indicator on the 4-hour price chart, investors may consider increasing their holdings of FET as its price momentum remains highly favorable.
Moreover, the TRIX indicator reads 44.64, suggesting that the trend for FET is positive and strengthening, which might lead to higher price gains soon. This action reinforces the market’s optimistic outlook since more investors are likely to purchase FET in anticipation of a future price increase.
FET/USD chart (source: TradingView)
FET bulls overpower the bears, driving a 20% increase in price and signaling a growing interest in the market, with potential for further gains.
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.
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Source: Cryptocurrency - investing.com
