Fetch.ai (FET) price continues its upward trajectory despite the rest of the cryptocurrency market moving away from the rallies of February and March. Will this lead to corrections for FET, or could the altcoin reach its all-time high?
Will There Be a Comeback for Altcoin?
After a notable rise, the price of Fetch.ai experienced a slight decline until the market stabilized. This drop was anticipated by experts as nearly 98% of the circulating supply was in profit. When over 95% of a cryptocurrency‘s supply is in profit, a market peak could form, indicating a potential reversal or correction in the near future. This was confirmed by the last correction.
However, since 93% of the total supply is still in profit, it could potentially encourage profit-taking. The altcoin may suffer from this outcome as the price could drop following investor sales. Additionally, as indicated by network growth, the project may be losing interest in the market. Network growth means the addition of new addresses, and a decline in this could indicate investors are hesitant to invest in the token.
FET Price Prediction
Therefore, some downward momentum in Fetch.ai’s price could be observed, potentially leading to a price drop. Fetch.ai’s price is close to losing the $2.9 psychological support after losing the 50-day exponential moving average (EMA). Considering the factors mentioned above, and given that FET has been tested as support many times before, the likely outcome could be a drop to $2.4.
However, if Fetch.ai’s price can stay above the $2.9 support, it may have a chance to reignite its upward momentum. This could invalidate the bearish thesis if the 50-day EMA turns into support, and a rise to $3 and above could be possible to see all-time highs.
