Fetch.ai’s native token, FET, is attracting renewed market attention on Friday, February 20, as traders monitor a critical technical level.
The crypto analyst ZAYK Charts highlights that price has been compressing beneath a descending trendline formed during the recent correction.
A confirmed breakout, particularly a decisive close above this resistance, could indicate weakening selling pressure and a shift in short-term momentum dynamics.
Source: ZAYK Charts X Post
Such a breakout scenario often triggers increased participation as sidelined buyers enter and short sellers cover positions. Market observers identify the $0.24 zone as the next upside target, aligning with prior resistance.
While not guaranteeing a full reversal, this move could fuel a relief rally, reflecting improving sentiment and renewed speculative interest.
Also Read: FET Price Defends Descending Channel Support, Is a Rally to $1.80–$2.20 Next?
Fetch.ai (FET) Faces Pressure Below 200 EMA
According to TradingView, as of Friday, February 20, FET is trending lower, with the 200 EMA still sitting above the asset as a stable resistance level. The asset declined hard, then bottomed out at 0.15 before consolidating sideways.
The lower highs and the fact that the asset is still trading below major moving averages indicate the bearish setup is still the dominant one, despite the decrease in volatility and the stabilization of the asset’s price.
Source: TradingView
The short-term momentum is rising as the price finds support at the lower Bollinger Band around the $0.159 mark and starts rising towards the $0.168 region.
The next resistance area can be seen around the $0.173-$0.177 region, where various moving averages meet. If the price manages to go past this region, the next area of resistance can be seen around the $0.189 mark.
Momentum Indicators Point to Improving Strength
The RSI (14) is currently at a relatively neutral position close to the 50 mark. This shows a neutral tempo with neither overbought nor oversold conditions.
This is because the price is at a midpoint. After the recent rise in the price, which was a sign of a stronger bullish condition, the price has stabilized. The price is currently just a little above the signal average, and the momentum is rising.
Source: TradingView
The MACD indicator (12, 26, 9) is near the zero line, implying that the overall momentum is low and the trend is flat. Additionally, the histogram is shrinking, implying that the bearish force is weakening.
Moreover, the MACD line is rising towards the signal line, suggesting that a change is about to take place, but confirmation is still necessary before the momentum is said to be either bullish or high.
Also Read: Fetch.ai (FET) Eyes $0.194 After Forming Potential Five-Wave Structure