- The Fetch.ai token was currently at $0.4543 with an increase of 6.84% during the intraday trading session.
- The 24-hour low of FET was $0.4506 and the 24-hour high of FET was $0.493.
- The current Fetch.ai token price is above 20, 50, 100, and 200-Day EMA.
The pair of FET/BTC was trading at 0.00001951 BTC with a dip of 5.25% over the intraday trading session. Fetch.ai price analysis suggests that it is currently in an uptrend. Since the start of 2022, the token is in decline throughout the year. This indicates that sellers dominated the market the whole year.
At the start of the year, buyers tried to keep the token above primary resistance as it is seen in the daily chart. But after April 2022 the seller had full control of the market and pushed the token below primary support and kept the token there until the end of the year.
After the start of 2023 buyers entered the market and started pushing the token upwards. Because of the bull’s support, the token broke its primary support and resistance and even broke its secondary resistance. As soon as the token broke the secondary resistance sellers came back into the market and pushed the token below its secondary resistance of $0.506 and because of this the previous breakout was a false breakout. After that, the token is trading near the secondary resistance.
The volume of the coin has decreased by 28.44% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of FET, which represents strength in the current bearish phase.
The technical analysis of Fetch.ai
RSI is decreasing in the oversold zone and is showing signs of a negative crossover which indicates that the sellers are coming in the majority and pushing FET downwards. This suggests the strength of the current bearish trend. The current value of RSI is 56.28 which is below the average RSI value of 57.06.
The MACD and the signal line are decreasing and intersecting but not giving any definitive crossover which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Fetch.ai price analysis suggests that it is in an uptrend. 2022 can be said not a good year because of the constant decline of the token throughout the year. From the start of 2023, the token is in a bullish trend reaching its secondary resistance. The decrease in volume shows a lack of confidence in traders. RSI and MACD are both decreasing on the daily chart but only RSI is showing signs of a negative crossover, as per the technical indicators.
Technical Levels-
Resistance level- $0.240 and $0.506
Support level- $0.1333 and $1.0.0419
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.