Tech

Can Fetch’s [FET] declining trend end soon? This evidence suggests…

03/29/2023
Bitcoin Ethereum News
  • FET launched a new feature related to its wallet named Notyphi.
  • Apart from active addresses, network health remained decent and metrics looked bullish on FET. 

The hype around AI tokens seemed to have faded. Inasmuch, Fetch [FET] witnessed a decline in key metrics. Santiment’s chart revealed a few concerning metrics for Fetch, which suggested decreased usage on the blockchain. The daily active addresses and transaction count declined sharply over the last few weeks as well.

Source: Santiment

Read Fetch’s [FET] Price Prediction 2023-24

Fetch has plans in the pipeline

While the press time scenario looked troublesome, FET’s recent plans can fuel an influx of new users.

On 27 March, Fetch announced the beginning of its Web3 Ignition program. As a part of the program, FET will reveal new updates and information about the network daily for the next two weeks. 

The latest feature launched by FET was related to its wallet. The feature is named Notyphi, through which users will receive essential updates directly to their wallet.

Through the feature, users of the Fetch wallet will be able to stay informed about key notifications regarding the network, such as software updates, partnerships, ecosystem announcements, and network updates. The official announcement mentioned that in the coming weeks, Notyphi will be the first channel to release Ignition Campaign updates. 

A quick health check of Fetch

Though the declining active addresses raised alarms, a closer look at the network’s metrics revealed a few things that were working in its favor. For instance, thanks to the FET’s plans, the network’s development activity increased last week.

FET’s network growth was also high, suggesting more new addresses were used to transfer the asset. Though velocity declined, it spiked last week. FET’s weighted sentiments also showed signs of recovery by increasing slightly. 

Source: Santiment

How much are 1,10,100 FETs worth today? 

FET to recover soon? 

CoinMarketCap’s data pointed out that FET’s price declined by over 7% in the last 24 hours. At press time, it was trading at $0.3403 with a market capitalization of over $278 million. The good news was that the declining trend might soon end. As per CryptoQuant, FET’s Relative Strength Index (RSI) and stochastic were both in oversold positions, which is a major bull signal.

Source: CryptoQuant

Net deposits on exchanges were low compared to the seven-day average, indicating less selling pressure on FET. The token’s supply on exchanges registered a downtick, while supply outside of exchanges rose slightly. This development was bullish, therefore giving hope for a trend reversal in the coming days. 

Source: Santiment

Source: https://ambcrypto.com/can-fetch-fet-declining-trend-end-soon-this-evidence-suggests/