💥Emergency Update💥 : Coin Name : $FET / USDT :
Trade setup: Following a bullish breakout from Falling Wedge pattern, price is near $0.80 resistance for +60% gain. It make a Higher High (above prior swing high), which is another indication of potential trend reversal. However, It's very overbought (RSI ¬ 78!), hence, we could see a pullback as traders take profits.
Pattern: Price is Overbought at Resistance. This trading strategy finds assets that are overbought (RSI > 70) and are near a resistance area, which means there's a high probability that price will get rejected and pull back near-term. Overbought conditions are typically reached when RSI hits 70 or more.
Trend: Short-term trend is Strong Up, Medium-term trend is Neutral, Long-term trend is Strong Down.
Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.40, then $0.30. Nearest Resistance Zone is $0.80, then $1.10.
