FET Reclaims a Key Support-A Trend Reversal or Bull Trap?

FET is surging with a high trading volume following a breakout above a key support zone. Will it hold the bullish momentum?

Fetch.ai, the AI-backed blockchain network that allows users to create a decentralized digital economy within a single ledger, is facing renewed market interest. The network’s token, FET, with a $1.73B market capitalization, has surged 8.57% in the past 24 hours alongside a 56% increase in trading volume, per CoinMarketCap.

Why is FET’s price surging?

FET has faced bearish pressure over the past week, with the price forming continuous lower highs and lower lows. A look into FET’s 4-hour chart reveals a potential price reversal as bears get exhausted at the $ 0.650 zone. Bulls have taken charge and have broken above the $0.712-$0.715 key resistance zone.

FET is surging with a high trading volume as buyers step in following this breakout. With the zone now acting as a support, the market wonders if FET is geared up for a rally, or this could be just a fake breakout.

What’s next for FET?

According to CoinGlass data, the coin’s open interest has surged 6.64% ($107.29M), suggesting the presence of substantial bullish momentum. With increased trading volume, FET’s market activity has surged, but bulls must confirm the breakout and trend reversal with high volume and successful green candles above the support zone over the next few days.

FET’s open interest (OI)- Weighted Funding rate remains slightly negative, showing that more buyers need to step in to confirm the breakout. The 24-hour long-short ratio stands at 1.0321, showing that more buyers are dominating the market and the bullish momentum is strengthening. Traders are monitoring FET volume and open interest above this zone for further insights. The chances of a bull run are rising from moderate to high as buying pressure increases.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.