- The FET crypto price may reach a peak of around $10 by March or April if the play continues as it bounces out of the zone along the rising trendline.
- According to the active addresses by profitability, the most important zone is between $1.28 and $1.45.
- Since AI mindshare accounts for nearly 50% of all crypto narratives, FET can gain more.
In November, the Fetch.ai (FET) price remained bullish and reached the $2 mark. It could not hold that level and witnessed a sharp fall. Amid this fall, the FET crypto slipped below the 20-day EMA and started consolidating. It is a buying zone and the price has triggered a bullish momentum previously.
Based on the chart structure, the price has witnessed a pump and dump on a wider frame in November and December. The 20-day EMA has triggered a death crossover with the 200-day EMA.
The Fetch.ai chart also showed a noticeable upward trend that began in early 2023 and was supported by its adherence to an increasing trendline. The FET price recovered from a crucial support area of around $1.37 by the end of 2024, indicating robust buyer activity at these prices.
Active Addresses Analysis About Profitability
The critical support zone, which was found to be between $1.28 and $1.45 and where a sizable portion of active addresses were profitable, saw a notable recovery in FET.
14.53% of holders were out of the money in this zone, suggesting both possible pressure and a reversal threshold.
The crucial levels of $1.28 to $1.45 served as a launching pad as FET rose out of this area. That indicates a period of consolidation before any additional upward movement.
This level was reaffirmed as a critical balance point for buyer and seller dynamics by the overwhelming majority of addresses (81.48%) being at the money.
If momentum continues above these levels, there is a chance that the price will rise to $10 by March or April.
FET Price Hovering Below $200-day EMA: Could It Rebound or Melt Ahead
The Fetch.ai price was trading at $1.32 at press time after climbing by 2.81% over the past 24 hours. Its market capitalization was $3.24 billion and the 24-hour trading volume was $198.4 billion.
Suppose the price bounces back and exceeds the 200-day EMA, it can generate buying momentum. Once the FET price holds over the 2000-day EMA, it might travel to the last swing high.
Alternatively, if the price forms a bearish engulfing candlestick pattern, sellers may dominate. If the strong candlestick closes below the $1.20 mark, a bearish momentum could be triggered. The price could melt to the $0.800 mark if sellers dominate.
FET Price Action and Active Address Analysis
The outlook for the Fetch.ai price appears to hinge on its ability to maintain support within the crucial price range of $1.28 to $1.45. This zone has been pivotal for both buyer interest and profitability, suggesting potential for a rebound.
If FET can successfully break above the 200-day EMA, it may pave the way for significant upward movement, potentially reaching prices around $10 by March or April. However, caution is advised, as failure to hold above this critical level could result in intensified selling pressure, especially if bearish patterns emerge. Market participants should closely monitor the price action in the coming weeks to gauge the likely direction of FET.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
