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Following a prolonged decline, Fetch.ai (FET) has identified a momentary support level that may prompt a rebound.
As of 05:12 am EST, the coin is down by over 3% in the last 24 hours, trading at $0.20. Also, its trading volume is down by more than 30%.
Fetch.Ai Signals Possible Retracement on Bullish Trendline
Fetch.ai FET/USD indicates a recovery after its prolonged slump. The value has been gradually increasing from a new technical chart pattern.
FETUSDT Daily Chart
The chart shows that the market has been on a bearish channel pattern for six months. Surprisingly, the market sentiment is shifting as the coin attempts to break out from a bearish channel chart pattern, signaling a potential bullish trend reversal.
A break-out from the channel will trigger underlying buying interest, reinforcing the upward momentum and continuing the previous trendline support towards the primary resistance zone at $0.4797.
Conversely, failure to break out or hold the trendline support will empower the bears for a trend reversal, facilitating a price decline below the trendline and more downward pressure on FET.
Moreover, the RSI is at 38, approaching the oversold area, while the MACD line is below the signal line, demonstrating FET’s bearish market position today.
Also, the bears are in charge, evident in the red MACD histogram bars and the bearish red candlesticks formed at the trendline support.
Expect FET to continue its decline in the next few hours until the bulls recover momentum.
Wall Street Memes Presale Smashes $20 Million Milestone – Best FET Alternative?
Wall Street Memes ($WSM) is an innovative cryptocurrency project combining humor and financial expertise to create a unique proposition.
By leveraging the widespread popularity of memes, this project provides investors with a unique and seamless experience that connects the realms of entertainment and serious investing.
Wall Street Memes adeptly bring the essence of traditional stock trading into the modern digital era.
Instead of following conventional financial norms, Wall Street Memes takes a humorous approach, playfully challenging those norms and creating a fresh perspective for present-day investors.
This unique narrative is imprinted on memes and spread through social media, sparking lively conversations about finance and attracting a new wave of crypto enthusiasts.
The project’s strength lies in its thriving community. With over 1 million active users on its social media platforms, Wall Street Memes has garnered 40 million impressions.
This remarkable engagement within the community has led to an impressive $20.4 million raised in a short period, establishing it as one of the most sought-after presales of the year.
Crypto Whale Invests Almost $1 Million In Presale
On August 2, an influential crypto whale invested a substantial $1 million in the Wall Street Memes ($WSM) presale, propelling the new meme coin beyond its fundraising goal of $20 million.
The mysterious whale address made a series of five transactions, totaling 460 ETH valued at $840,000, within a six-minute timeframe.
Additionally, this same wallet had previously invested 93 ETH two weeks earlier, making the total investment by the crypto whale $1 million.
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