FET price prediction suggests bulls are back on track and a significant rise in the value is possible.
Fetch.ai price rose 34.61% in the current month and formed a bullish continuation pattern. It broke out of the $0.3000 hurdle with high volume and prices rallied 67% approx in a short span of time.
FET price sustained above the 50 day and 200 day EMAs showcasing an uptrend. However, the price had gone far away from the EMA and looked mildly overstretched. So, it may retrace down or may consolidate in a narrow range for some time.
The chart pattern of Fetch.ai is highly bullish and buyers look more active as compared to the sellers. Therefore, any short term downfall will be easily absorbed by the buyers.
The sudden spike in the buying volume denotes that investors are bullish in the future outlook of FET. Moreover, the craze of artificial intelligence is also positively impacting the prices of FET cryptocurrency.
At present, prices are near to $0.5000 which is a strong supply zone. So, it will be difficult for the buyers to give the follow up momentum. Currently, Fetch.ai price is trading at $0.4896 with a one day rise of 5.88%.
FET Price Analysis: Will the Momentum Continue?
FET price prediction is bullish for the short term as well as for the short term. The chart shows a steep rally as it recovered the losses of 2023.
Buyers are trying to break out of the $0.5000 hurdle to hit a new YTD high. But sellers are also active and trying to defend the supply zone.
Till the Fetch.ai price sustains above the $0.3000 level, the bulls will remain active and the probability of breakout will remain high.
Furthermore, if the price consolidates for some time near the supply zone, then the possibility of hitting new YTD will substantially increase.
Fetch.ai Price is Bullish on Multiple Time Frame
Fetch.ai price is bullish on daily and a weekly time frame charts. It rose for five consecutive weeks and formed a bullish pattern. The recent up move looks powerful and reliable so the gains are likely to be held.
The MACD curve slopes upwards and the histogram bar is forming rising bars. It indicates bullish momentum might continue in coming months.
Whereas, the RSI at 70 near the overbought territory indicates FET crypto price may also witnessed minor profit booking. However, the supertrend and price action both favors the bulls. Therefore, it’s to play long and stay with the trend.
Conclusion
FET price prediction is highly bullish for the long term and suggests it may outperform in the coming months. The recent up move in the Fetch.ai is reliable, implying that buyers are active. The analysis suggests that FET price is in bulls grip and a new YTD high is possible.
Technical levels
- Resistance levels: $0.5017 and $0.6000
- Support levels: $0.3000 and $0.2000
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2023/11/19/fet-price-prediction-fetch-ai-price-prepares-to-break-ytd-high/