Cryptocurrency market has been buzzing about artificial intelligence coins lately, with Fetch.ai (FET) attracting attention due to its impressive rise. However, FET is now trending downwards. Talks about proposed integrations with Ocean Protocol (OCEAN) and SingularityNET (AGIX) ecosystem are still ongoing. What levels should be watched for FET?
Fetch.ai Price Could Break, But There’s a Catch
FET price is on a steady downward trend and a breakout could depend on the bulls’ actions. For a northward breakout, bulls need to maintain support at $1.70.
If there is a jump above $1.70, the FET price could break above the downtrend line, turning a 50% retracement into support above $1.98. In a strong upward scenario, FET price could rise more than 40% to reach $2.87.
If FET Prices Rally, These Levels Are Targeted
In the event of a rally, FET price could move towards the last seen levels of $3.48 on March 28. Santiment data shows an increase that supports the possibility of a reversal in the rise.
Santiment data indicates an increase in social volume and social dominance to support the thesis of a reversal in the rise. Social volume refers to the level of online chat surrounding a specific coin or token on various social media platforms, forums, and news sources. An increase in social volume shows higher levels of interest, discussion, and attention to the asset.
In addition to social metrics, the total number of cryptocurrency FET holders has been steadily increasing since April 13. This situation likely reinforces increased interest and adoption due to positive developments, increased visibility, partnerships, or market conditions.
Which Levels Show the Downtrend Thesis for FET Price?
If the $1.70 support level breaks, the cryptocurrency FET price could extend its decline to $1.50 or test the psychological level of $1.00. In a worst-case scenario, FET price could fall to $0.49, which is about 75% below current levels.
Although uncertainties lie ahead for the cryptocurrency Fetch.ai, developments in the market and the project’s integrations should continue to be closely watched.
