The FET cryptocurrency price is testing a key horizontal support level after breaking down from a bearish rounding top pattern, analysts report. Technical indicators point to sustained selling pressure, but holding this potential demand zone could trigger a rebound toward $0.225, while a breakdown may lead to further losses.
The FET token is trading at $0.1855 with a market capitalization of $419.1 billion and a 24-hour trading volume of $136.55 million. Analysts note a bearish rounding top formation has been completed, bringing the price to a crucial horizontal support area.
Market observers from Alpha Crypto Signal highlight this level as a possible demand zone and a buying opportunity for traders. A successful defense of this support could set the stage for a corrective rally, according to technical analysis.
Analysts argue that a strong hold in this region may allow the FET price to rally back toward the $0.225 level. However, a breakdown from current levels would increase risks of further losses for the asset.
Daily chart analysis on TradingView shows a clear bearish reversal from a peak near $0.28, resulting in a current daily loss of 1.43%. The Relative Strength Index (RSI) is at 40.45 and remains below its signal line.
The Moving Average Convergence Divergence (MACD) indicator lines are deep in negative territory, with the histogram showing expanding red bars. This alignment of technical indicators reflects consistent downward momentum and selling pressure on the cryptocurrency.
