Based

bullish

The post <a href="https://coinpedia.org/price-analysis/fet-price-jumps-69-to-200d-ema-will-bulls-reclaim-2/" rel="noopener noreferrer nofollow">FET Price Jumps 69% To 200D EMA; Will Bulls Reclaim $2?&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a bullish recovery rally in motion, FET price action shows a streak of green candles finally taking a step back. The uptrend accounts for a 69% surge in the last eight days to reclaim the $1 psychological mark as the broader market recovers.&nbsp;
As the uptrend takes a pause, will the sellers manage to regain trend control for a deeper pullback? Or is this the best opportunity to buy the FET token at this small dip?
<h2 class="wp-block-heading" id="h-fet-price-performance-nbsp">FET Price Performance&nbsp;</h2>
With a bearish trend in the 1-day chart, the <a href="https://coinpedia.org/price-prediction/fetch-ai-fet-price-prediction/" rel="noopener noreferrer nofollow">FET price</a> action reveals a falling channel pattern. Furthermore, the increased bearish influence results in a death cross between the 50D and 200D EMA.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498.png" alt="FET Price Targets 27th Aug 2024" class="wp-image-343387" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27193827/image-498-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
However, the recent bullish reversal from the $0.70 support level and the declining trendline puts the buyers back in action. The reversal rally breaks above the pattern and surpasses the 50D EMA.&nbsp;
However, the sudden surge in supply results in a minor intraday pullback. This results in the failure of the uptrend, surpassing the 200D EMA and the 38.20% Fibonacci level at $1.55.
Technical indicators:
EMA: The declining 50D EMA finds an uptick with the recent reversal in the FET prices. Thus, the chances of a bullish crossover to regain the positive alignment have increased. However, the failure to surpass the 200D EMA puts the uptrend at risk.&nbsp;
<h2 class="wp-block-heading" id="h-will-fet-price-hit-2">Will FET Price Hit $2?</h2>
With the channel breakout, the minor intraday pullback increases the chances of a retest of the broken trendline. However, an early reversal from the 50D EMA could reinstate the uptrend in motion.&nbsp;
Based on the Fibonacci levels, the uptrend sustaining above the 23.60% Fibonacci level could surpass the $1.55 mark in a post-retest jump. The breakout rally can find resistance at the 50% and 61.80% Fibonacci levels at $1.883 and $2.20, respectively.&nbsp;
On the flip side, the $1 psychological mark and the $0.70 mark remain crucial support levels.&nbsp;

FET Price Jumps 69% To 200D EMA; Will Bulls Reclaim $2?

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