Fetch.AI (FET) Surges by 70% After Key Resistance Breaks, Analyst Eyes $1.9 Amid Bullish Reversal

• Fetch.AI’s price surged 70%, recovering from lows near $0.80 and breaking through the $1.10 resistance level.
• The RSI value of 70.52 signals overbought conditions, hinting at a potential slowdown or correction despite ongoing bullish momentum.
• A golden cross formed as MA50 crossed above MA200, indicating a possible trend reversal as Fetch.AI continues its recovery.

Fetch.AI (FET) has seen a notable price reversal in the past few days. According to a crypto analyst on X, DamiDefi, this week’s price movement is poised to be remembered, as Fetch.AI surged by 70%, with the next target set at $1.9. Currently, FET’s price is hovering around $1.381 after breaking through significant resistance levels and recovering from recent lows.

Strong Price Action and Key Levels

Fetch.AI’s price has shown remarkable strength after a period of consolidation and decline. The price dropped to a low of approximately $0.80 before experiencing a sharp upward trend. Notably, the asset recently climbed above $1.10, a critical resistance level that has since turned into support. 

This upward momentum, supported by the breakout, has resulted in a 9.17% increase in the latest trading session. Furthermore, the strong support zone identified between $0.80 and $0.85 played a crucial role in this recovery, helping the price stabilize before surging past the $1.10 mark. The price now trades at $1.381, with bullish momentum remaining strong for the time being.

Momentum Indicators Signal Caution

Although the bullish trend persists, technical indicators suggest that the rally could be nearing a temporary pause. The Relative Strength Index (RSI) indicates a value of 70.52, signaling that the asset is approaching overbought conditions. 

When the RSI reaches such levels, a potential slowdown or correction becomes possible. However, despite these signs, the momentum remains intact, which may support continued price movement in the short term. 

Moving Averages Indicate Trend Reversal

The moving averages on the 4-hour interval chart provide further insights into Fetch.AI’s recent trend. The 50-period moving average (MA50) has crossed above the 200-period moving average (MA200), forming a golden cross pattern. 

This pattern is typically seen as a bullish signal, indicating a possible trend reversal. Fetch.AI’s price has surged above both moving averages, reinforcing the current bullish sentiment. The recovery from the downtrend that began in March suggests that Fetch.AI may continue to gain traction if the price remains above these critical levels.