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Following a broad market downturn, the price of Fetch.ai (FET) has fallen below the $2 support level. However, some charts suggest it may be preparing for a rebound. This is attributed to the altcoin being at an ideal level for some investors and its foundation in the recently influential field of artificial intelligence.
Fetch.ai Price Outlook
Fetch.ai is expected to recover as it trades above a critical support level. Currently, an increase in altcoin purchases is reflected in the charts. This situation is clearly seen in the increase in active addresses over the last 48 hours.
The number of transactions on the network has increased from 1,152 to 2,152, a 93% rise. While some analysts believe FET investors are selling to minimize losses, the bigger picture might differ.
Despite the price drop, the increase in participation is generally seen as a buying signal. The contrast between daily active addresses and the price outlook could indicate an increase in supply and a drop in demand, potentially turning the area into a buying zone.
Moreover, FET is currently trading below its value according to some indicators, which could make it an attractive investment. This valuation is based on data obtained using the Sharpe Ratio, though it is not absolutely accurate.
The mentioned indicator measures the risk-adjusted return of an investment, considering existing volatility. It reflects the returns investors receive per unit of risk taken, indicating the efficiency of earning returns relative to the risk taken in an investment.
Considering that Fetch.ai’s Sharpe ratio has rebounded from its lowest level in six months, it holds significant potential for growth.
FET Price Prediction
As of this writing, Fetch.ai’s price is trading at $2, just above the support level at $1.96, which has been tested multiple times in the past. Despite occasionally falling below it, this support level has never been fully breached.
Past price increases have also occurred following rebounds from this support level.
Considering all factors, the $2.46 level appears as a potential price point for FET on the charts. If FET rises again from $1.96 and overcomes the $2.26 resistance, a 25% price increase could occur.
