Cryptocurrency markets continue to fluctuate and BTC has returned some of its gains due to profit-taking. At the time of writing, a high CDD value was reported and the price decreased by approximately $1100 compared to yesterday. So what can investors expect from FET Coin?
The recovery in Bitcoin price did not last long, but investors have high expectations for October. The FET Coin price, which was rejected from the $0.27 resistance zone on September 3, has been falling for almost a month. The only notable movement in the past month was the test of the short-term descending resistance line on September 28.
In early 2023, the FET Coin price experienced an impressive period of growth. The rally was initiated in June 2022. Since June 2022, the price has been following an ascending support trend line, which was confirmed on August 17 and 22.
The most challenging target for FET Coin investors to overcome now is the $0.27 resistance. Readings on the daily chart suggest that the price decline may continue.
Contrary to the readings on the daily chart, the possibility of an uptrend increases on the 6-hour chart. There are two main reasons for this. First, the price has broken out of the shorter-term descending resistance trend line (dotted). Such breakouts often lead to significant increases. Then we saw that the FET Coin price reached the 0.382-0.5 Fib retracement resistance zone ($0.23-0.24).
If the price can stay above the resistance zone, the upward movement may continue. Secondly, the 6-hour RSI confirmed the 50 trend line as support. If the uptrend occurs, the price can climb up to 10%.
However, closing below the $0.23-0.24 zone could lead to a retest of the long-term ascending support line at $0.20. This indicates a sharp decline. FET Coin investors should closely monitor this critical zone in the coming hours.
On the other hand, unlike the recovery at the beginning of the week, BTC price seems to be inclined to retest $27,000. After reaching $28,500, the king of cryptocurrencies dropped to the $27,390 zone due to heavy selling pressure at the time of writing. If this decline continues, it could result in deeper corrections across altcoins.