- The Fetch.ai crypto price has declined by 32% this month, showing the complete dominance of sellers.
- FET is about to experience a small correction before a strong bullish move.
In February and March, the FET price surged by more than 500% but failed to continue. In mid-March, the price reached the $3 hurdle and showed weakness for the short term. The Fetch.ai price attempted again to overcome the $3 hurdle, but sellers showed complete domination and dragged down the price below the 200-day EMA.
For the last 2 weeks, the Fetch.ai (FET) price has remained below the 200-day EMA, indicating weakness. The FET crypto price recently triggered a breakout from the 200-day EMA but could not hold. It has turned into a fake breakout, and the price has dropped below the previous candle’s low.
At press time, the Fetch.ai crypto price traded at $1.50 with an intraday loss of 2.65%. The market capitalization is $1.27 Billion, and the 24-hour trading volume is $251.21 Million, with a fall of 15%. The circulating supply is 848,193,896 FET, and the fully diluted market cap is $3.94 Billion.
Small Correction Soon?
$FET / $USD – Update
— Crypto Tony (@CryptoTony__) June 28, 2024
One more dirty little pump up please before we drop again for that small correction pic.twitter.com/CkBKAY0OK8
A source on X displays that Fetch.ai has shown a massive fall in the 12-H time frame but shows a slow and steady recovery. According to this tweet, the price is expected to surge enormously after a small correction from the $1.40 hurdle.
Liquidity Below 200-day EMA Seen; FET Price to Surge Soon?
In a broader time frame, the Fetch.ai crypto price has performed positively, but for the past 3 months, complete domination of sellers has been seen. The chart structure demonstrates that the FET price has sellers below the 200-day EMA seem to be trapped.
If the digital asset price surpasses the 200-day exponential moving average (EMA) and is sustained, the liquidity below the 200-day EMA will be grabbed. Due to the liquidation, the digital asset price might witness strong buying pressure on an immediate basis.
On the other hand, if the buyers fail to overcome the 200-day EMA and remain below, it might invite fresh sellers. Suppose the FET price fails to defend the $1 mark, strong selling pressure can be observed, and sellers may eye for a new all-time low.
Based on the technical indicators, the MACH has generated a golden crossover with the signal line, and the histograms have been flipped to green. RSI is 43, which has recovered from the oversold zone, indicating buyers’ interest.
Will Fetch.ai Price Regain the $3 Mark Next Month?
FET crypto price has faced significant challenges, with sellers dominating the market in the past few months. However, there are indications of a potential small correction followed by a bullish move, as suggested by a source on X.
If the price surpasses and sustains above this level, it could lead to strong buying pressure. On the other hand, failure to defend the $1 mark may result in increased selling pressure. Technical indicators like the MACH and RSI are showing some positive signs.
Technical Levels
Fetch.ai crypto price is expected to face resistance from the $2.00 and $2.55 levels. The price may take support at the $1.00 and $0.50 mark.
Disclaimer
This article is for informational purposes only and provides no 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 research before making any financial decisions.