Fetch.ai (FET) price has broken above a long-term resistance zone and confirmed it as support. It is expected to continue to increase in the near future.
Fetch.ai price has increased rapidly since bouncing off a key support zone at $0.18 during the week of October 16 to 22. This move took the price to a long-term resistance zone at $0.60 in end of November.
After several weeks of consolidation below this resistance zone, FET price finally broke above it last week, marking a continuation of the previous uptrend.
The weekly RSI has increased into the oversold zone and is sloping up, supporting the possibility of continued growth.
Therefore, FET price could continue to rise to the next resistance area at $1, a 43.24% increase from the current price level.
FET price bounced from the previous resistance area at $0.60 and created a strong bullish candlestick yesterday. This shows that the bulls are buying aggressively on small dips.
The daily RSI has broken above the bearish divergence line and is sloping up. Both are bullish signals, showing that the trend is up.
Therefore, FET price could rise to the $0.82 area in the next few days.
The most likely outlook suggests FET prices will continue to rise in the near term. The nearest target is $0.82 and up to $1 higher.
The bullish view will be invalidated on a break below the $0.60 zone on the daily time frame.
