TradeCityPro | FETUSDT Progress Toward a New All-Time High
2024-12-04

👋  Welcome to the TradeCityPro channel! 
Let's analyze one of the top AI-focused crypto projects, Fetch.AI (FET), and identify opportunities for both spot buying and futures trading.

🌍  Market Overview 

Before diving into FETUSDT, it’s essential to check Bitcoin’s behavior. Bitcoin continues to range, a trend that might persist for a few more days. 

However, with the dominance of altcoins on the rise, attention remains on them. Bitcoin’s eventual breach of $100K could temporarily restore its dominance.


🕒  Weekly Time Frame 

FET is one of the most bullish altcoins, having risen without revisiting its 2023 lows, largely due to the AI hype.

After rebounding from the $0.056 support, it surged to $3.104, followed by a significant correction to $0.745. This zone was an ideal Potential Reversal Zone (PRZ) as it aligned with the trendline and Fibonacci levels.

FET has bounced off the 0.382 Fibonacci level, and breaking above $3.104 could lead to targets of $4.868, $7.849, and $13.828 (calculated using Fibonacci extension).

Last week’s candle closed above the $1.613 resistance, signaling bullish momentum. You could consider buying with a stop loss at $1.094. For those holding from lower levels, it might be wise to secure initial capital and some profits.

As long as FET remains above its trendline, the outlook remains bullish.

📊  Daily Time Frame 

FET is entering a significant resistance box between $1.99 and $2.54—potentially the final stronghold for sellers.

After breaking this zone, the path becomes clearer for higher targets, but expect temporary resistance or price fluctuations within this range. A breakout above $2.637 could provide another buying opportunity.



🕒  4-Hour Time Frame 

FET is currently breaking out of the $1.957 resistance, aiming for the $2.637 target.

📈  Long Position Trigger 
place a stop-buy above the current candle and set a secure stop loss around $1.739 to avoid being stopped out during minor pullbacks. This ensures you stay positioned for the longer-term uptrend.

📉  Short Position Trigger 
avoid trading against the trend in a bull market. Focus on resting and preparing for the next upward wave.


💡  BTC Pair Insight 

Against Bitcoin, FET has also shown strength, avoiding drops below the 0.00001390 support.
After breaking 0.00002574, this pair could witness significant bullish moves, making it a good time to hold onto FET.


🛠️  Summary & Strategy 

Spot Buyers: Watch for pullbacks within the resistance box and aim for targets using Fibonacci extensions.

Futures Traders: Prioritize long positions aligned with the bullish trend and avoid counter-trend shorts.

📝  Final Thoughts 

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️