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FET Breaches Key SMA Level, Will Bears Push Prices Lower?

The price of Fetch.ai (FET) has slipped below its critical 100-day Simple Moving Average (SMA), raising concerns about the potential for further downside toward the next support level at $1. This breach marks a pivotal moment for the asset, opening the door for negative pressure to take hold. As FET navigates this crucial phase, market participants are closely monitoring its ability to recover above the SMA or risk deeper declines.

FET’s recent slip below the 100-day SMA, a significant technical indicator, and its implications for future price movements will be analyzed in this article. It will also explore whether this breach signals a continuation of bearish momentum or a possible recovery, providing insights into key levels and scenarios to watch in the coming days.

Analyzing Bearish Momentum: Is A Deeper Decline Likely For FET?

FET has fallen below the 100-day SMA on the 4-hour chart, signaling downbeat strength as the price approaches the $1 support zone. This breakdown indicates reduced buyer interest, giving bears control of the market. Holding at $1 could trigger a reversal, while a breach below may lead to more declines toward lower support levels.

FET

Also, the 4-hour Relative Strength Index (RSI) has fallen below the critical 50% level, currently at 44%, indicating a shift toward bearish sentiment and growing selling pressure as FET struggles to regain upward momentum. With the RSI under 50%, sellers are taking control, and if the RSI fails to recover above this threshold, the pessimistic trend may continue. Traders should watch for any signs of a reversal or if the price remains under pressure, potentially leading to further drops.

On the daily chart, FET is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the 100-day SMA. This pattern implies that sellers are firmly in control of the market, relentlessly driving the price lower and prompting a strong likelihood of additional drops in the near term.

FET

Finally, the 1-day RSI analysis suggests that FET may face extended losses, as it remains below the 50% threshold, reflecting a continued bearish trend. With selling pressure likely dominating, the chances of further declines are high. A recovery above the 50% level could signal a potential reversal, but FET continues to struggle to regain an upward momentum for now.

Navigating Risks And Opportunities In FET’s Price Action

Navigating the risks and opportunities in FET’s price action requires a careful assessment of key technical indicators and market sentiment. As FET trades below its 100-day SMA and the 4-hour RSI drops below the 50% threshold, bearish momentum is gaining traction, which could signal more downside toward the $1 support range.

However, opportunities for a reversal may arise if the asset manages to hold above key support levels or if buying pressure resurges, driving the RSI back above 50% and reclaiming the 100-day SMA. Meanwhile, this could pave the way for a potential move toward the $1.8 resistance level.

FET

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Analyst Predicts $200k Bitcoin On Incoming ‘Massive Supply Shock’

Crypto Rover, a prominent crypto analyst, has identified critical indicators in the market dynamics of Bitcoin, such as a decline in exchange reserves and a favorable chart pattern that suggests a price target of $200,000.

His analysis is consistent with Bernstein’s long-term projection, which serves to bolster the notion that Bitcoin may experience substantial growth in the years ahead.

These predictions have investors and analysts alike anxiously anticipating Bitcoin’s next significant move, as the market is currently in flux.

Decreasing Exchange Reserves May Indicate A Supply Shock

The consistent decline in Bitcoin reserves on exchanges is one of the most noteworthy trends identified by Crypto Rover. Despite the increasing price of Bitcoin, an increasing number of investors are transitioning their holdings to private wallets.

This transition underscores an increasing preference for security over liquidity, particularly in light of persistent concerns regarding cyberattacks and breaches.

As the quantity of Bitcoin on exchanges declines, there could be an upcoming disturbance. Less coins for trading suggest that demand would soon exceed supply, which would cause prices to rise significantly. This tendency questions the conventional market dynamics, which usually show reserves rising in bull markets.

Bernstein’s $200K Target And Rover’s Bull Flag

A bull flag pattern is forming on the price charts of Bitcoin, as revealed by Rover’s technical analysis. This pattern frequently indicates the continuance of an upward trend. Rover predicts that Bitcoin may shortly surpass the $200,000 threshold if it surpasses critical resistance levels, as indicated by this pattern.

Bernstein analysts further align with this positive sentiment as they reaffirm their Bitcoin price target to reach $200,000 in 2025. Bernstein’s price objective of $100,000 is increasingly plausible, and the long-term forecast of achieving $200,000 by 2025 is gathering momentum, given that Bitcoin is already trading at approximately $92,000.

They attribute this potential increase to a variety of factors, such as the favorable political and regulatory conditions for Bitcoin, which are notably prevalent under a pro-crypto U.S. administration.

Market Outlook And Investor Strategy

Strong technical indicators combined with declining exchange reserves point to Bitcoin about to undergo a major comeback, which would be advantageous for investors. Little changes in demand could cause significant price swings as liquidity drops. This creates risks as well as possibilities, hence a careful plan and timing are especially important.

Bernstein also points out as a major influence the larger political terrain. Under the direction of incoming President Donald Trump especially, they hope that an atmosphere better suited for Bitcoin’s growth would help to drive its expansion even further.

Featured image from Pexels, chart from TradingView

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$4,000 Solana Price Possible As SOL Breaks Out Of Massive Cup And Handle Pattern

The Solana price could be gearing up to reach a new ATH of $4,000, according to an analyst who highlighted its recent breakout from a massive Cup and Handle pattern. This bullish signal comes on the heels of recent gains in the Solana (SOL) price, which have pushed it significantly above the $200 mark, indicating strong upward movement.

Solana Price Targets $4,000 Breakout

A Crypto analyst identified as ‘CryptoRus’ has shared a longstanding prediction that suggests Solana could reach $4,000 by the end of the current market cycle. The analyst has based this bullish outlook on a technical pattern called the “Cup and Handle.”

According to CryptoRus, Solana has just broken out of its Cup and Handle pattern formation on its price chart. This unique chart pattern is considered a bullish signal and, in technical analysis, signals an extending upward trend.

Solana Price 1

The analyst’s chart illustrates Solana’s price action on the weekly time frame, using the aforementioned technical pattern as the basis of analysis. From 2022 to mid-2024, Solana experienced a period of consolidation and recovery, as seen in the cup part of the technical pattern. The “handle” in the chart pattern also shows slight consolidation; however, the analyst has pinpointed a breakout signal at the end.

This breakout is set to occur once Solana can surpass resistance levels between $195 and $255. After the anticipated breakout, the analyst suggests a solid upward trend, with projections implying a greater upside above $4,450 to a staggering $5,000. A surge to this impressive target would require Solana to experience a 2,027% rally from its current price. 

Earlier this week, when Solana was on the verge of breaking out of its Cup and Handle technical pattern, the analyst revealed in a previous X post that the Cup depth of the pattern suggests a bullish price target of $400 for Solana in this market cycle. A surge to $400 would represent a 70.21% increase from present market values.  

Solana Price 2

Update On Price Movements 

Recently, the Solana price has been on a significant upward trend, recording impressive gains amidst the bull market. This bullish price movement comes as Bitcoin sees massive gains that have pushed it to a new ATH above $93,000. 

As one of the world’s leading altcoins, many analysts have projected bullish targets for the Solana price, expecting it to hit new all-time highs as the bull market heats up. As of writing, the Solana price is trading at $237, recording a 14.88% increase in the last seven days and an even larger price gain of 41.7% over the past month, according to CoinMarketCap. 

While the cryptocurrency’s daily trading volume of $6.8 billion is down by 12.32%, Solana still shows promise of a surge if market conditions remain favorable.

Solana price chart from Tradingview.com