- FET hovers around $0.50 after breaking below key moving averages, signaling a potential downside toward the next major support at $0.42-$0.43.
- The -DI surpasses the +DI, confirming bearish momentum, while the ADX reading indicates sustained selling pressure in the current market.
- FET is trading at $0.4858 with a 24-hour volume of $101.87 million, reflecting increased sell-offs and weakening price action.
Recent technical analysis of the FET reveals a breakdown from a bear flag pattern and increasing pressure at key support levels. The coin hovers near a horizontal support zone, which may trigger a move toward lower-price regions if breached.
Bearish Breakdown Analysis
A recent tweet from a prominent analyst, Alpha Crypto Signal, reported that FET is breaking down from a well-established bear flag pattern. The tweet noted that the coin is currently testing its local horizontal support near the $0.50 mark. For the past two weeks, FET has traded within a rising channel. The reported view indicates that a support breach may push the price toward the $0.42-$0.43 area in the coming days.
Recent price action shows FET falling below the 9 EMA at $0.526 and the 50 SMA at $0.534. These moving averages now act as resistance levels. Technical indicators suggest mounting selling pressure as the coin fails to reclaim these averages. The overall setup reflects a market scenario where a breakdown at $0.50 could lead to significant declines. Market participants may consider a short position should the key support not hold.
Support Levels Under Pressure
FET’s price is actively testing the critical support zone around $0.50. Historical observations indicate that buyers previously stepped in at this level. However, current market conditions reveal a weakening defense at this support zone. Traders continue to watch this level closely, as a failure to maintain support may drive FET to the $0.42-$0.43 region.
The breakdown below of both the 9 EMA and 50 SMA further compounds the bearish outlook. This decline has created a situation where resistance becomes more evident, and selling pressure increases. Price behavior in this zone demands caution from market participants. A failure to defend the $0.50 support could signal a shift toward a more persistent downtrend.
Momentum and Trend Confirmation
Momentum indicators reinforce the bearish scenario observed in FET’s price movement. The Directional Movement Index (DMI) readings show the -DI at 24.93, exceeding the +DI at 16.68. An ADX of 23.76 confirms that the current trend is moderate but favors a bearish environment. These indicators collectively underscore the potential for further price deterioration.
The Stochastic RSI presents readings of 42.85 for the blue line and 66.30 for the orange line. These values place the market in a neutral zone without overbought or oversold conditions. However, the lower blue line supports a view of sustained selling pressure.
During this writing, FET displayed a market price of $0.4858 while reaching a total trading volume of around $101,878,020 within the past 24 hours. The present market sentiment is demonstrated through increased selling pressure that leads to changes in price level.
