The Fetch.ai price forecast showcases a bullish perspective for January 2024. The price was reflecting robust bullish momentum, but in the recent sessions, this momentum took a pause and the price experienced a mild correction, taking support from the 50-day EMA.
The price action suggests that the FET price is poised for a significant uptrend with a potential price increase in the upcoming sessions. Buyers are working hard to maintain these levels and are indicating confidence in the cryptocurrency’s upward direction.
In previous trading sessions, buyers have demonstrated their strength. They also continued buying and accumulating more cryptos to continue the upward trend.
The Fetch.ai crypto indicates increased bullish activity in the price. Moreover, the price action is still making higher highs and higher lows on the daily charts, demonstrating that the crypto is bullish and has no intention of slowing down at the moment.
The structure of the chart shows that buyers are driving the trend and the FET price is gradually approaching the $0.8000 mark, which it is likely to reach soon. Additionally, sellers have found themselves in a defensive position after breaking multiple resistance levels with significant vertical gains over the last few trading sessions. Investors are exhibiting strong intent to continue this upward trend.
At the time of publication, the Fetch.ai cryptocurrency was trading at $0.6836 with an intraday increase of 5.01%, showing an optimistic mood on the chart. It also has a trading volume of $47.138 Million and a market capitalization of $564.523 Million.
Technical Analysis of Fetch.ai Crypto Price
Fetch.ai (USD: FET) is currently trading above its 50-day and 200-day exponential moving averages (EMAs), which supports its price momentum.
The MACD line at 0.0071 and the signal line at 0.0134 are above the zero line. There is a bearish crossover in the MACD indicator, which indicates weak momentum in the price of the FET cryptocurrency.
The current RSI value is 50.89 points. The 14 SMA is above the center line at 51.44 points, indicating the bullish nature of the Fetch.ai cryptocurrency.
Summary
The technical analysis of Fetch.ai (USD: FET) supports the bullish trend. The MACD, RSI, and the EMAs highlight positive signals, suggesting that the upward trend in the price of the FET cryptocurrency may continue. The price action indicates that investors and traders are optimistic on a daily basis. The price trends mirror the present optimistic outlook. However, investors and traders must wait to be suitably prepared for the next step and avoid giving into FOMO.
Technical Levels
Support Levels: The Fetch.ai crypto price may find support at $0.6314, where it could bounce back or stabilize.
Resistance levels: The FET crypto price may face resistance at $0.7958, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/15/fetch-ai-price-forecast-is-fet-ready-to-touch-higher-levels/