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Fetch.ai (FET) made its investors happy by rising to an all-time high of $3.41 on March 28, 2024. As of the time of writing, the token appears to have refreshed its ATH once again yesterday. The price movement indicated that the uptrend was continuing. On the other hand, the strengthening in trading volume and the outlook in the futures market also seemed to be in favor of the bulls. There are some key levels for FET. The announcement of the Superintelligence Alliance also increased the bullish sentiment.
Key Levels for FET
In the daily chart analysis, FET experienced a low fluctuation in the $0.5086 region before the current price rally. This fluctuation was followed by a price movement measured at approximately 508% in less than two months, leading to increasingly different milestones.
The OBV indicator also showed significant values during the rally, indicating an impressive increase in buying volume.
In the past two weeks, a decline in OBV was observed, but compared to the gains since February, it was seen as only a minor pullback. The daily timeframe continued to show an RSI above the neutral 50 level, indicating an uptrend momentum.
Fibonacci retracement levels were also created based on the February-March rally and pointed to important points. The indicator revealed that the 50 retracement level was at $1.81, but FET’s pullback stopped at $2.15, contrary to the chart. This situation indicated that the belief in the uptrend was very high among investors.
The 61.8% and 100% extension levels at $4.74 and $5.74 could be attracting investors’ attention as levels to take profits.
FET Sentiment Analysis
The increase in trading volume and the low pullback indicated that bulls were dominant within the 1-day timeframe.
According to data provided by Coinalyze, both Open Interest and spot CVD were on an uptrend in the low time frame data.
This situation supported the idea that speculators had long-term bullish expectations during the period when the price exceeded $2.8 on March 26. This could also be interpreted as another reflection of the bullish expectation.
