Tech

Fetch [FET]: As investor interest depletes, can these updates save the network

04/07/2023
Bitcoin Ethereum News
  • FET’s volume declined nearly 30% in the last 24 hours, and so did its price.
  • Positive sentiments around the token improved, but market indicators were still bearish.

Fetch [FET] has been witnessing a decline in investor interest, which was evident from its trading volume. As per CoinMarketCap, FET’s volume declined by nearly 30% in the last 24 hours, followed by its price. At press time, it was trading at $0.351, with a market capitalization of over $287 million.

Read Fetch’s [FET] Price Prediction 2023-24

FET introduces new updates

However, Fetch released a new update, which could help change investors’ sentiment. As per the latest announcement, the network has launched its new Agentverse v2. 

For starters, the Agentverse was launched on 6 April. As a virtual hub created to assist users of all technical backgrounds, it would provide easier access to Fetch’s automated agent technology.

Moreover, Fetch released storage and protocol examples, as well as debugging and back-end optimization upgrades. Agents can store data between messages and internal handlers using the storage functionality. As part of the v0.2.0 release, the network has integrated this directly into the interface.

Has the release helped FET? 

A look at Santiment’s chart helped better understand investors’ sentiments and interest in FET after the release of the new update. The token’s weighted sentiment improved drastically, suggesting increased investor interest. 

Source: Santiment

FET accumulation was also on the rise, which was evident from an increase in supply outside of exchanges. Not only that, but FET’s supply on exchanges went down – a typical bull signal. CryptoQuant’s data revealed that FET’s exchange reserve was decreasing, which could also help FET register greens on its chart. 

Source: Santiment

How much are 1,10,100 FETs worth today?

A trend reversal is not likely yet

Though a few of the metrics suggested the possibility of a price uptick, FET’s daily chart revealed the opposite story. The Exponential Moving Average (EMA) Ribbon displayed a bearish crossover, which could push the token’s price further down.

Another bearish signal for FET’s Relative Strength Index (RSI), as it was under the neutral mark. Nonetheless, the Chaikin Money Flow (CMF) registered an uptick, which was slightly bullish. 

Source: TradingView

Source: https://ambcrypto.com/fetch-fet-as-investor-interest-depletes-can-these-updates-save-the-network/