#FET.AI's Potential Retest: Will #FET/USDT Bounce Back?

May 18, 2024

FET/USDT situation, focusing on the potential retest levels due to the formation of a bearish divergence.
#FET/USDT Analysis: Bearish Divergence Indicates Potential Retest Levels

#Bearish Divergence
Bearish divergence occurs when the price of an asset makes higher highs, but a technical indicator, such as the Relative Strength Index (RSI), makes lower highs. This discrepancy suggests that the bullish momentum is weakening, and a potential reversal or pullback could be imminent.

For FET/USDT, a bearish divergence has been identified on the daily chart. Despite Fetch.ai’s price reaching new highs, the RSI is not confirming this upward movement, indicating diminishing buying pressure.

#Potential Retest Levels
Given the bearish divergence, FET/USDT might retest certain key support levels:

1. **Retest Around $2.00**
- This level has previously acted as a significant support zone. If FET/USDT retraces, it is likely to find initial support around $2.00. If the price manages to hold at this level, it could lead to a temporary bounce or consolidation.

#Conclusion
#FET/USDT is currently showing signs of potential weakness with the formation of a bearish divergence. Traders should be prepared for a possible retest at the $2.00 level. Monitoring key technical indicators and market sentiment will be crucial for making informed trading decisions during this period. If the price successfully retests this level and shows signs of a rebound, it could signal a potential buying opportunity with the prospect of a significant rise.