Polkadot (DOT) Eyeing 15x Rally on Key Breakout; Fetch.ai (FET) Finds Support: Analyst States Next Two Possibilities
The price of Fetch.ai has been trading sideways for the past three days following what looks like a local bottom at $0.7. The token trading volume has been low, as seen in its small candlestick pattern, and the price action has been predominantly sideways and bearish.
According to TradingView analyst, TheCryptoCity, FET is moving in a descending channel and has bounced from the channel’s support, which forms a confluence with a strong support zone tagged in green. This makes the $0.74 – $0.83 range a strong support.
Based on the analyst’s chart, if FET price breaks above the descending channel’s middle line at around $1.159, we could see a spike to the top of the channel at around $1.5.
However, if the green support level does not hold the price, causing a dip below it, we might see the price drop to the next blue support level at $0.453-$0.525. So far, the price has been trading sideways, and the next direction is not yet clear.
Polkadot’s DOT Trading Within Symmetrical Triangle
Another TradingView analyst, Cryptorphic, also posted an analysis of Polkadot. The analysis shows DOT under a symmetrical triangle pattern, and it is also within the accumulation range.
Recently, DOT price reached the lower support at $3.59 and bounced off it strongly. The analyst sees DOT as bullish in the long term and is expecting a decent rally once it breaks above the trendline resistance.
Read Also: Analyst Predicts Bitcoin Rally Above $59k, Warns of Key BTC Levels to Watch
The analyst also noted some key levels, such as the support (accumulation) zone at around $3.59 and the primary resistance at $6.5. The analyst sees a long-term price target of 10-15x.
However, knowing that crypto markets are unpredictable, the analyst noted that a weekly close below the $3.59 support will invalidate the bullish outlook.
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