Fetch.ai Token Faces Critical Support Test at $0.8

Traders of the Fetch.ai (FET) token are currently preparing for a potential retest of the $0.8 support zone as the token's price fluctuates within a defined range. The price has been oscillating between $0.76 and $0.9, drawing significant attention from traders who are closely monitoring the $0.75 support level. This level is considered critical as it could influence future price movements.

The 12-hour chart for FET/USDT shows a bullish structure, with sustained higher highs and higher lows since mid-April. This trend is supported by an increasing On-Balance Volume (OBV), indicating strong demand driving the recent gains. The Relative Strength Index (RSI) has predominantly stayed above neutral territory, reflecting the bullish momentum evident over the past weeks. However, recent rejections near the $0.9 level have contributed to a slight drop in the RSI, suggesting possible exhaustion in the upward momentum.

In a shorter timeframe analysis, the 4-hour chart illustrates FET's resilience as it struggles to rise above established resistance. A clearly defined range between $0.805 and $0.94 has emerged, characterized by subdued selling pressure as suggested by a relatively stable OBV during this period. The RSI’s position around the neutral point further suggests a lack of decisive momentum in the short term.

The liquidation heatmap highlights significant levels just below the $0.8 support area, indicating a concentration of liquidations that could intensify price movements. A minor cluster at $0.89 suggests areas of potential liquidity that may draw market activity. With Bitcoin’s price hovering around the $109k-$110k range, any downturn could influence FET to test the critical $0.8 support level. While a bounce-back toward $1 remains plausible, it requires strong volume incentives to shift market sentiment decisively.

In summary, the current trading environment for FET presents a mixed bag of opportunities marked by potential retests of critical support levels and observing liquidity dynamics as investors navigate this volatile market. Staying vigilant and informed is crucial, as traders could witness rapid shifts in momentum depending on market conditions and broader cryptocurrency influences.