- The FET crypto price has declined 13.69% during the weekly trading session.
- The current price hovers above the $1.56 key bullish point of interest (POI).
- An increase of over 110% has been observed in the volume in the 24-hour session.
Fetch.ai (FET) is an open-source, permissionless, and decentralized machine-learning network backed by a crypto economy. The FET token is the native currency of this artificial intelligence (AI) project.
The FET crypto is currently underperforming in the global cryptocurrency market. However, the price also experienced a strong bullish rejection in recent sessions, which intrigued many toward this particular cryptocurrency.
Bulls vs. Bears Scenario in FET Crypto Price!
The FET crypto price experienced a massive rise in February and March 2024. The cryptocurrency collectively delivered over 250% positive returns during these months. However, the impulsive rise in price created many imbalances in price, resulting in the start of a correction period in April 2024.
The crypto delivered 32.39% negative profitability in April. Subsequently, the price also faced negative remarks in May, but the bulls had strong congestion around $1.00. It helped the crypto price sustain above the $1.56 decisional point of interest (POI). At present, buyers and sellers are in a consolidation phase.
Price to Volume and Social Dominance Analysis
The social rise in tweets about the Fetch.ai crypto hiked over 1.16% at the end of March 2024. That rise in social sentiments had a positive impact on the price during that time, showing the influence behind price hikes.
Since then, social dominance has been fading along with the price, reflecting the decreasing interest of users across social platforms.
Technical Analysis of the Fetch.ai (FET/USD)
Source: FET/USD Daily Chart by TradingView
The long-term outlook lies above the key exponential moving averages (EMAs) on the bullish side. The current price moves between the 50-day and 200-day EMAs indicate an uncertain trend.
The FET price has shown a huge bullish rejection from the $1.00 major demand zone. It reflects that buyers strongly participate in the market. The current price is consolidating between the $2.69 and $1.56 lower levels. It is moving toward the lower consolidation level at press time, which could lead to a fall if it is crossed.
Furthermore, the relative strength index (RSI) shows an internal bearish divergence in the current momentum. That indicates the increasing selling pressure in the recent trading sessions. The RSI is downsloping at 32.53 toward the 30-mark lower band.
Summary
FET crypto price has experienced negative drawbacks since March 29, 2024. The crypto ended up consolidating after making a retracement on the $1.56 demand zone. The upper and lower consolidation levels are holding the price in between. The upcoming direction depends upon these levels, according to the current market speculations.
Technical Levels
When writing, the immediate resistance for the FET price was $2.69, while the $1.56 level was the next support. A price rise can be expected if it breaks above the upper resistance. Or, a fall below the aforementioned support can lead the price to fall further.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.