- FET Price sustained above the 50 and 200 day EMA
- FET crypto price retrace downward and likely to retest the breakout level
- FET coin price down by 8.45% on the weekly basis and formed a long tail bearish rejection candle
Fetch.ai (FET) coin price is trading with mild bearish cues and bear’s are trying to fade out the previous gains by dragging the price down. However, the bulls seem to be aggressive and likely to bounce back again. Currently, The pair of FET/USDT is trading at $0.4065 with an intraday loss of 2.49% and the 24-hour volume to market cap ratio at 0.2499
FET coin is the right pick for investing in the AI world?
Fetch.ai (FET) crypto price is in uptrend and heading higher by forming a bullish continuation pattern which has come into the spotlight of investors due to the craze of ChatGPT in the world of artificial intelligence. Recently, At the beginning of February, FET prices had breakout of the narrow range consolidation with the giant bullish candle which had triggered the positive sentiment and prices shot up 90% approx in the short span of time.
FET price took halt near the $0.5968 and formed a bearish rejection candle which indicates that bear’s are getting active on the higher levels and it will be difficult for the bulls to show its dominance on the supply zones.On the other hand, the FET prices are trading above the 50 and 200 day EMA which indicates that the positional trend is in the favor of bulls and prices are likely to see a bounce back from the support levels. On the lower side $0.3094 and $0.1997 will act as a demand zone for the bulls and any dip toward the support zone will provide an opportunity to accumulate at the lower levels.
The technical indicators of FET like MACD is on the way to generate a negative crossover which indicates mild bearishness, The RSI at 59 reversing down from the overbought zone denotes neutral sentiment, The super trend indicating the positive trend to continue in coming days and the price action is still favoring in the direction of bulls.
Summary
FET coin prices had faced a rejection from the supply zone and reversing downward which is likely to take halt near the 50 day EMA support and expected to bounce back again. The technical analysis suggests that prices are in the bulls grip and any dip toward the demand zone will provide an opportunity for the traders and investors.
Therefore, traders may look for buying near to the 50 day EMA for the target of $0.5968 and above by keeping $0.1997 as SL.However, if price drops below $.1997 then bear’s can drag it down toward $0.1000 level
Technical levels
Resistance levels : $0.5968 and $0.7006
Support levels : $0.3094 and $0.1997
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/12/fet-pricefetch-ai-benefited-from-the-craze-of-chatgpt-and-bard/