- Fetch.ai price prediction showcases a correction phase for the FET token
- FET crypto price delivered a year-to-date profit of 128.06%
- FET token is forming a descending channel with the potential to reverse the trend.
Fetch.ai(FET) price prediction showcases the correction phase of the FET crypto price after reaching the resistance of $0.6083. The market began its bull run at the start of the year 2023. During this time, the FET crypto price rallied 354% from its swing low of $0.1243. The market showed weakness at the resistance, and the price began correcting. The FET token has fallen 72% from its resistance.
At the time of writing, the current market price of FET tokens is $0.2090. The 24-hour trading volume surged 48.18%. The market is down 6.49% in the last 24 hours. The overall market cap of FET is $172,042,969.
Can FET Break the Descending Channel to the Upside?
Fetch.ai’s (FET) price prediction reveals that the price has been falling in a descending channel. The descent led FET to break several support levels before taking support at $0.1741. Meanwhile, the price has broken the 200 EMA to the downside, suggesting the dominance of the bears.
The descending channel can be the key to a reversal. A breakout can serve as a bullish rally of 185% to the resistance of $0.600. The FET token will have to break the 200 EMA to confirm the breakout and increase the confidence of the bulls. Also, the volume has been declining with the price, hinting at upcoming volatility.
Can Fetch.ai Break the Upper Resistance Level?
The 4-hour chart reveals a sideways market condition. The FET token price is moving in a range between $0.2527 and $0.2093. This consolidation phase has attracted the likes of swing traders and short-term investors due to its volatility. The 200 EMA is moving flat, which justifies the consolidation phase.
Moreover, the FET token will establish a clear trend when the price escapes the range. If the market breaks the resistance, it may contribute to the breakout of the descending channel. However, if the price breaks the support, the FET crypto price may decline by 17% to the support level of $0.1741.
RSI
The RSI indicator is currently at 31.94. It represents bearish to sideways conditions where the price may continue to fall until RSI exceeds 50. Aggressive selling may happen only if RSI goes below 30
MACD
MACD made a bearish crossover and the indicator is going below the 0 line. This means that the market is bearish and the price may continue to move until the MACD makes a bullish crossover
200 EMA
On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the b sellers. The 200 EMA acts as a dynamic resistance, and the price may decrease until it exceeds the 200 EMA.
Conclusion
Fetch.ai’s (FET) price prediction showcases the correction phase of the FET crypto price after reaching the resistance of $0.6083. The price is in a downtrend at present. The breakout of the descending channel may spark a trend reversal. Although the market is range-bound, it is still volatile. It would be wise to watch the support levels and follow a risk management strategy to avoid losses.
Technical Levels
- Support Level: The nearest support level is $0.1741
- Resistance Level: The nearest resistance level is $0.2527
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.