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$FET SURGES 17%! 🚀 Is Fetch.ai Finally Breaking Out or is This a Bear Trap at Resistance?
Today's Fetch.ai chart is showing explosive action, currently at 0.3325 USDT after a massive candle drove it up 17.25%. This move decisively broke above the MA(7) and MA(25) resistances, confirming a powerful momentum shift. The key question: Is this the start of the next major run toward 0.50 USDT, or will the high resistance at MA(99) force a sharp pullback?
📊 Technical Outlook
The trend bias has shifted from bearish to bullish following the price action and MACD flip.
Moving Averages (MAs): Price has crossed above the MA(7) at 0.2601 and MA(25) at 0.2611. These now act as immediate support. The MA(99) at 0.5281 is the next major resistance.
MACD: A bullish crossover is confirmed (Histogram is positive at 0.0205), signaling that momentum has decisively shifted to the upside after an extended consolidation.
📈 Trade Setup
The trade is biased LONG, targeting the resistance zones above, but waiting for a clean entry.
Bias: LONG (Following the confirmed breakout).
🚀 LONG Entry Zone: 0.2900 - 0.3100 USDT (Targeting a slight retrace to confirm support).
🎯 Target 1 (TP1): 0.4392 USDT
🎯 Target 2 (TP2): 0.5281 USDT
🛑 Stop-Loss (SL): 0.2500 USDT (Daily close below MAs invalidates the breakout).
SHORT Entry (Counter-Trend): Only if daily close failure below 0.2500 USDT.
🚨 FET bulls is the area around 0.2500 USDT. Holding above this level secures the new bullish momentum and keeps targets above 0.50 USDT in play. A decisive failure below 0.2500 would confirm a major bear trap and a return to the previous lows.
💡 Tip
DO NOT chase the price above 0.35. Instead, look for a controlled entry on the retest of the 0.29 - 0.31 support zone to manage risk effectively after this large pump.
#FET #FetchAI #altcoins #AltcoinRecovery