FetchAI (#FETUSDT): Downtrend Intact, Potential Correction Ahead

💎 #FetchAI (#FETUSDT) recently broke below the downtrend trendline, signaling a continuation of the downtrend. The current price sits at the 161.8% Fibonacci support, indicating a potential for a pullback. A correction could lead #FETUSDT back to the trendline breakout point near $2.4, coinciding with the VolumeProfile resistance.

💎 Sellers currently dominate the market, and only when the supply area turns into a demand zone should we consider buying opportunities. Until then, we should be prepared for a possible downtrend continuation, with a potential 7% drop to the 261.8% Fibonacci support.

Comment:

💎 Shortly after sharing our analysis on #FETUSDT, the price swiftly reached the projected supply area. In fact, on the 4-hour chart, FET broke above the resistance level, leading to an immediate 10% increase.

💎 As anticipated, once the daily close confirms the breakthrough, the resistance should transform into a support zone.

💎 This transition may already be underway, indicating the possibility of a trend reversal with even greater growth potential.

💎 The next significant hurdle lies at the 88.6% Fibonacci level, which stands 10% above the recent higher high.

💎 It is crucial for the sustainability of the uptrend that the price remains above this week's low.

Trade closed: target reached:

💎 As we anticipated, after hitting our first target, the supply area morphed into a demand zone, propelling #FETUSDT further upwards. Today, #FetchAI has reached our second resistance at the 88.6% Fibonacci level, delivering a solid 23% gain.

💎 Currently, we're witnessing a re-test of the previous high, which is serving as resistance. If FET can confidently break through this level, with a daily close above it, we could be looking at a mid to long-term uptrend.

💎 Here at MCP, we're always on the lookout for promising opportunities. So, stay tuned, Paradisers, and stay informed. Trade safe! 🌴