FET Breaks Down After Rally, Bearish Divergence on RSI Signals Reversal

In a significant turn of events, the cryptocurrency FET is experiencing a breakdown following a massive rally that pushed its price to $0.7917. Traders and investors are now eyeing a bearish divergence on the Relative Strength Index (RSI), indicating a potential reversal in the market. Additionally, the support level for the related cryptocurrency fetch (symbol: #fetch) at $0.7413 has been breached, with this level now acting as resistance.

Bearish Divergence on RSI

The RSI is a widely used technical indicator that measures the strength and speed of a price movement. In the case of FET, the RSI is showing a bearish divergence, suggesting that the price may be losing momentum and a reversal could be imminent. This bearish signal is concerning for traders who were hoping for a continued upward trend.

Loss of Support at $0.7413

Another key development is the loss of support for fetch at $0.7413. Support levels are price points at which buying pressure is expected to outweigh selling pressure, causing the price to bounce back up. However, in this case, the support level has been broken, indicating a shift in market sentiment and potentially paving the way for further downward movement.

Potential Reversal Zone

If the breakdown continues, traders are advised to keep an eye on the potential reversal zone between $0.7145 and $0.6672. This range has historically served as a support level and could act as a turning point for FET. Investors may consider taking a cautious approach during this period, closely monitoring price movements and indicators to make informed trading decisions.

It is important to note that the cryptocurrency market is highly volatile, and sudden price fluctuations are not uncommon. Therefore, investors should exercise caution and conduct thorough research before making any investment decisions.

In conclusion, FET is currently experiencing a breakdown after a significant rally, with the RSI signaling a potential reversal in the market. The loss of support for fetch at $0.7413 further adds to the bearish sentiment. Traders are advised to watch for a potential reversal between $0.7145 and $0.6672 and stay informed about market developments to make well-informed decisions.

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#FET is breaking down after a massive rally to $0.7917. We have a bearish divergence on the RSI and #fetch has now lost support at $0.7413 flipping that into resistance.

In case of a breakdown watch for support between $0.7145-$0.6672 where we can see a reversal.
In case of a… pic.twitter.com/Pe2802O4Uy

— teshkid is Crypto (@MtukufuMtukutu) December 21, 2023

Source

@MtukufuMtukutu said #FET is breaking down after a massive rally to $0.7917. We have a bearish divergence on the RSI and #FETch has now lost support at $0.7413 flipping that into resistance. In case of a breakdown watch for support between $0.7145-$0.6672 where we can see a reversal. In case of a… twitter.com/i/web/status/1…