Fetch.ai price prediction says bulls are active and the token price may hit new highs in the coming months.
The FET price displayed a fresh breakout and hit a YTD high which triggered positive sentiment. It is forming a highly bullish pattern and the dominance of buyers is clearly visible.
In the last four weeks, the FET token price spent time in the narrow range consolidation between $0.4657 to $0.5995. Buyers have won the battle inside the range and succeeded in breaking out of the $0.5995 hurdle.
The recent up move in the Fetch.ai crypto is supported by a high buying volume. It shows that big investors and whales might have participated and injected the money.
The FET token’s price successfully sustains the higher levels, which shows the strength of the bulls. The 50-day and 200-day EMAs are sloping upward indicating that the trend is up and favors the bullish traders.
If the FET crypto price loses momentum and retraces downward, the 50-day EMA will act as a strong support for bulls. So, the downside risk is low till the price is sustaining above both the moving averages.
Fetch.ai Price (FET) Displayed a Fresh Breakout; What Next?
Fetch price jumped approximately 34% in the current week and recovered the complete losses of 2023. It seems to be the beginning of the new bull run in FET crypto in which new highs may be visible.
The FET token formed a strong base near $0.4657, which will now act as a demand zone. If the price returns back to the demand zone, it should be treated as a good buying opportunity.
Moreover, the probability of bouncing back from the demand zone will remain high. At present, the FET price is racing toward $1.00. However, buyers need to break out of the $0.8214 barrier to reach the $1.00 mark.
When the Next Up Move in FET Price is Visible?
The FET price has performed well in the last three months and generated nominal returns for its long-term investors.
The next up move in Fetch.ai crypto price will be visible after the breakout of the $0.8214 hurdle. It will be interesting to see whether buyers are able to dominate the next supply zone or lose momentum.
The price action tells us that the trend is upward. So, investors should look to buy near support and stay with the trend.
Conclusion
Fetch.ai price prediction stays bullish for the short run as well as for the long run. The breakout in FET price looks reliable and sustainable.
The analysis suggests if the FET crypto succeeds in breaking out of the $0.8214 hurdle, the probability of reaching $1.00 will substantially increase.
Technical levels
- Resistance levels: $0.8214 and $1.0287
- Support levels: $0.5995 and $0.4657
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/15/fetch-ai-price-jumped-34-will-fet-price-go-beyond-1-in-jan/