FET/USDT Analysis – Potential Inverse Head & Shoulders Formation

4 days agoThe daily chart for FET (Fetch.AI) is currently showing signs of forming an inverse head and shoulders pattern, a bullish reversal indicator. Notably, both the Money Flow Index (MFI) and the Volume Weighted Average Price (VWAP) are starting to turn upward, further supporting a potential bullish outlook.

Key support and resistance levels, along with the supply and demand zones, have been highlighted. It’s important to keep in mind that FET faces resistance near the $1.561 and $1.870 levels, while support lies around $1.103 which is our weekly pivot.

Upcoming events, such as the FOMC meeting on September 17-18, could have a significant impact on global markets, including cryptocurrencies. Market expectations are leaning toward a potential rate cut, which may lead to a short-term pump across Bitcoin and altcoins, followed by a broader market correction.

As always, please conduct your own research before making any trading decisions. This is not financial advice.