Fetch.ai Price Prediction: FET Indecision Confusing Traders

• Fetch.ai is currently trading at $0.3566 (press time) with a decrease of 1.62% intraday.

• The 24-hour low for FET was $0.3391 and the 24-hour high was $0.362.

• The current Fetch.ai price is above the 50-, and 100-Day EMAs.

The FET/BTC pair was trading at 0.00001257 BTC with a dip of 1.54% intraday. The FET price has been striving for stability since the beginning of 2023, having escaped the bearish market conditions of 2022. It has shown an upward trend, surpassing both primary and secondary support levels as well as primary resistance levels along the way.

Market sellers resumed their action as soon as the FET price hit the secondary resistance level of $0.597, which caused the price to go below the primary resistance level. The price dropped to its primary support level of $0.354 as a result of the market is under intense selling pressure. 

Within the range of the main support and resistance levels, the FET price started to bounce back and demonstrate strength. However, after testing its primary resistance of $0.488 the FET price started falling to its primary support of $0.354.

Fetch.ai price prediction suggests that it is currently consolidating between its 50-, and 100-Day EMA which shows that neither buyers nor sellers have the upper hand in the market.

The trading volume of the coin increased by 43.74% in the last 24 hours, there is no relationship between the trading volume and the price of FET indicating increasing bullish intent.

Fetch.ai Technical Indicators:

The Relative Strength Index (RSI) is increasing in the oversold zone and might show a positive crossover, wherein the buyers are in the majority and pushing FET upwards. This shows the weakness of the current bearish trend. The current value of RSI is 44.34, which is below the average RSI value of 45.40. 

However, the MACD and the signal line are decreasing over the 1-day chart, giving contradicting indication from the RSI.

Conclusion

Fetch.ai price prediction suggests that it is currently consolidating between its 50-, and 100-Day EMA. The sudden increase in the trading volume indicates a positive market sentiment toward Fetch.ai.

The RSI is increasing in the oversold zone and might show a positive crossover over the daily trading chart which shows strength in the bullish intent.However, MACD is decreasing over the daily chart, as per the technical indicators. Traders should wait for any big movement in the market before making any trade in the market.

Technical Levels

Resistance level- $0.488 and $0.597

Support level- $0.354 and $0.254

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.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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