FET Technical Analysis: Potential Breakout to $0.40 as Support Holds Strong

Artificial Superintelligence Alliance (FET) continues to attract the attention of market participants as the price momentum has reversed from the significant area around the key level of $0.20. This zone has served as an area of strong demand in the past few trading sessions, and the recent reversal at the level suggests that the zone is currently being protected by buyers.

Technically, the formation looks like a potential double bottom pattern. Typically, this pattern represents seller exhaustion and a transition in power from sellers to buyers. However, a confirmation of this pattern could be indicative of a reduction in potential losses as accumulation starts to develop and offset distribution.

Also Read: FET Rally Ahead? Expert Reveals $0.46 Profit Targets

FET May Soar to $0.40 with Breakout Above $0.26

If momentum holds, a possible retest of the $0.26 resistance level may be seen for FET. A strong breakout of this point could give even more credence to a positive reversal and may draw in some traders looking to capitalize on a possible continuation play.

Source: Crypto Pulse

Looking further, a successful break above $0.26 could pave the way for a move to $0.33, where there might be another pause in price action. With volume support, the upside breakout above $0.33 could easily reach the $0.40 level, marking a trend reversal for FET.

FET Technicals Suggest Decreasing Bearish Strength

The momentum indicators are also reflecting the slowdown in the downward trend. The RSI is placed between the levels of 32 and 33, just above the oversold level, indicating a decrease in the rate of selling pressure. It can be concluded that the market might be entering the phase where reversal or consolidation might take place.

Source: TradingView

On the other hand, the MACD is still below the zero line, which further confirms the dominant bearish market trend. However, the flattening of the histogram indicates a reduction in the bears’ momentum. This is a possible indication that the bearish market is losing its strength, which might lead to a market reversal.

Also Read: FET Price Analysis: Symmetrical Triangle Breakout Could Boost The Rally to $0.60