Fetch [FET] hits the obstacle at 61.8% Fib level – Are more gains unlikely?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionBulls can be hopeful because of rising Mean Coin Age and favorable sentimentoscillated around $0.371 – $0.490 over the last few days before breaking below the range. However, bulls found steady ground at $0.298 on March 12, pushing the price back into its previous range only to face rejection at the range’s upper boundary.

Therefore, FET could surge to the bearish order block and 78.6% Fib level of $0.5423 or to overhead resistance at $0.6089 if it closes above the 50% Fib level . Such a move could offer two possible trades. On the other hand, a close below 23.6% Fib level would invalidate the bullish thesis. If the previous support holds again, the drop could offer new buying opportunities at $0.30. Short-sellers can short the asset if it closes below $0.3711 and repurchases it cheaply at $0.30.

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