CandleFocus FET At Risk Of Further Decline? RSI Signals Sustained Bearish Pressure
2024-10-04
Author: Content Editor
This article analyzes the recent price action of FET, a cryptocurrency, and concludes that it is showing bearish signs. The Relative Strength Index (RSI) signals potential for further declines, with sellers gaining momentum. The $0.9 support level is crucial for avoiding additional losses, as breaking below it could lead to significant declines. The RSI on the 4-hour chart shows increased selling pressure and a lack of bullish conviction. On the daily chart, multiple bearish candlesticks and the inability to break through the $1.8 resistance suggest weakening strength. The RSI on the 1-day chart also signals a bearish sentiment. Maintaining strength above the $0.9 support level could pave the way for a rebound, while breaking below it could lead to heightened selling pressure. Observing how FET reacts to these key levels will determine the future direction of the cryptocurrency.
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