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Fetch.ai (FET) price saw an increase of around 25% yesterday and reached a new annual high of $0.62 today before experiencing a slight decline. Even with the price retraction, it still remains above a significant horizontal area.
FET at the Peak of the Year!
The price of the popular altcoin FET has been on the rise since its drop to the lowest level of $0.16 on August 17. The price created a higher low in October and significantly accelerated its increase. Since then, no significant pullback has occurred in the price. Although the uptrend paused at the beginning of December, the altcoin saw a significant rise yesterday and reached its annual high of $0.62 today.
Despite reaching highs, it later retraced below $0.60. Using the RSI as a momentum indicator, investors can determine whether the market is overbought or oversold and decide whether to accumulate or sell a token. If the RSI value is above 50 and the trend is upward, bulls gain an advantage; however, if the reading is below 50, the opposite is true.
Expert Opinion on FET
In December, the RSI created a downtrend before a minor decline. A downward trend can emerge when a price increase is accompanied by a decrease in momentum. This led to the retesting of a significant horizontal resistance area and its validation as support. Afterwards, the price jumped after the RSI created a hidden bullish divergence.
Furthermore, the relative strength index is currently above the 50 level. Cryptocurrency analysts and experts are optimistic about the future. Cryptocurrency analyst Crypto Tony suggests that the bullish movement is just beginning and there is still time to enter the trade. DavidOnCrypto recorded the new annual high and posits that the price could rise to the next resistance level of $1.
