Fetch.AI (FET) stands as a prominent figure, particularly within the realm of artificial intelligence (AI). With its recent surge in price, reaching around $2.32, investors are keenly observing its trajectory, pondering over potential future movements.
As highlighted by Crypto Tony, a top analyst, the $2.57 mark emerges as a critical threshold, where FET has struggled to gain traction in previous attempts. This resistance level underscores the significance of bullish momentum to secure a foothold above $2.57. Until this pivotal point is convincingly breached, caution prevails among potential investors eyeing an entry into the market.
Conversely, robust support resides at $2.10, a level tested multiple times, each time buoying the price back from the brink. This steadfast support serves as a reliable floor, instilling confidence in traders amidst market fluctuations. Additionally, a secondary support at $1.80 offers a buffer during downtrends, reinforcing market resilience.
Amidst this tug-of-war between buyers and sellers, FET’s price trend reveals a pattern of consolidation, encapsulated within the $2.10 support and $2.57 resistance. The symmetrical triangle formation hints at an impending breakout, though the direction remains uncertain. While initial enthusiasm propelled FET above $3.20 in March, subsequent corrections have tempered expectations.
Market sentiment remains cautious as FET hovers near resistance, signaling potential for rejection and subsequent downside risk. Bearish pressure, evidenced by recent red candlesticks, underscores the reluctance of the market to breach $2.57 without adequate confirmation. Despite bullish sentiments expressed by some analysts, the prevailing sentiment leans towards a measured approach to trading FET.
As further noted by Sjuul, an analyst, following a correction phase post-peak at $3.47, FET embarked on a journey of higher lows, signaling a potential reversal. The formation of a bullish flag pattern underscored market optimism, culminating in a breakthrough and the emergence of higher highs.
In the shorter time frame, FET’s consolidation over 40 days highlights the significance of the mid-range as a pivotal juncture. Repeated attempts to breach the supply zone underscore the challenges ahead, necessitating a firm stance at the mid-range for sustained bullish momentum.
