With Bitcoin’s (BTC) rise, artificial intelligence altcoins like Fetch.AI (FET) are gaining strength due to increasing market demand. Especially, FET coin is showing an upward trend from a critical support level, indicating a potential upward movement.
Fetch.AI (FET) Analysis and Commentary
Fetch.AI’s market performance is notable, with the altcoin currently holding a market value of $1.378 billion, ranking 64th in the cryptocurrency market. However, FET has lost 22% of its value in the last 30 days during a broader market pullback. This decline is reflected in the daily chart, forming a descending channel pattern.
This downward trend pushed the altcoin below the psychological level of $2 and the 200-day Exponential Moving Average (EMA), while the 50-day EMA shows a downward trend, indicating a potential death cross in the daily price chart.
Currently, FET is trading at $1.63 with a daily drop of 4.62% and an 11.64% increase compared to the previous night. This recent fluctuation formed a bullish engulfing candle on the support trend line, increasing the likelihood of reversing the downward trend in the descending channel formation to an upward trend.
Moving Average Convergence Divergence (MACD) indicator and signal lines on the daily chart are preparing for a bullish crossover, supporting an upward movement in FET coin’s price.
Potential Scenarios for FET Coin
Reversing the downward trend within the pullback channel could lead to a jump towards the general resistance trend line. This potential bullish cycle could push FET coin’s price up to $2.5. From an optimistic perspective, continuous reversal in prices could trigger a breakout rally, testing the all-time high of $3.50 and even $5. This scenario indicates significant recovery and an upward trajectory for Fetch.AI.
On the other hand, if the downward trend continues, FET coin could fall below the $1.50 level, breaking the support trend line downward. This downside risk suggests that investors should be cautious about the volatility and potential issues facing the artificial intelligence altcoin.
