Fetch.ai is poised for a substantial price increase, according to renowned crypto analyst ChartingGuy. According to the analysis, Charting Guy projects that Fetch.ai’s token, FET, will reach $8.24 by July or August 2024.
Charting Guy has employed the Fibonacci retracement and Elliott Wave theory to forecast Fetch.ai price movement. He has highlighted a consistent growth pattern, with FET rebounding strongly after each correction phase, underscoring the token’s resilience and potential for growth.
The potential five-wave Elliott wave pattern aligns with the expected upward movement. The current wave pattern indicates that Fetch.ai is in the third wave, often the most substantial in terms of price movement. This wave is projected to push the price to $8.24, marking a significant milestone for Fetch.ai.
Moreover, the Relative Strength Index (RSI) is trending upward, reinforcing the bullish sentiment. The RSI’s movement toward the 70 level signals potential overbought conditions, yet it often precedes significant price surges in trending markets. The primary resistance level at $4.35 will be key. A breakthrough here would likely propel the price toward the $8.24 target.
Looking at Fetch.ai’s current market performance, FET displays a negative trend as the bears hold the ground tight. As of press time, FET is trading at $2.47, down by more than 2% in the past 24 hours. Over the past week, FET has been on a bullish trend, recording a surge of 7.60% amid the resistance at $2.70.
FET’s market capitalization has seen a decline, too, dropping to $2.09 billion. However, the trading volume has seen a significant increase of 60% with a value of $493 million, indicating a heightened market interest in the Fetch.ai market.
