Fetch.ai’s (FET) current price levels could indicate a successful upward trend with potential backing from investors. The Altcoin may also be relying on Bitcoin for its post-halving rise.
Current View of FET
Whales’ past actions have created effects on Fetch.ai’s price, presenting a significant condition for investors once again. In recent days, amidst horizontal price movements, whales seem to have shifted from holding to accumulating.
Within a 48-hour market period, addresses holding between $100,000 and $10 million in FET saw their assets increase by $59 million. This could be a sign of growing optimism for a potential price rally.
A potential rally could occur sooner than expected for several reasons, including the correlation between FET and Bitcoin.
This situation leads to a supply shock, causing the BTC price to rise. Consequently, altcoins feel the impact of this rise, with FET sharing a correlation of 0.85 among these assets.
The Future of FET Prices
Fetch.ai is currently trading at $2.426, showing a double bottom formation. This technical formation generally indicates an upcoming rise, represented by nearly identical consecutive lows.
From a point indicating a downward trend, a potential upward reversal could emerge at the end of this formation.
Although FET broke the neckline at $2.28 last week, the formation has not yet been confirmed. Considering the formation, the price target is 14.72% above the neckline, which currently appears 8% away from the trading price.
Therefore, considering its current price, Fetch.ai’s price could still have a significant gap to experience a price increase in the coming days.
However, the market could turn to a decline before a rise. In such a case, the price might test the support level at $2.28, which serves as the neckline. Losing this support could completely invalidate the rally, potentially dropping Fetch.ai’s price to $2.10.
