Fetch.AI (FET) Price Analysis: Will the Bullish Reversal Surpass the Overhead Resistance Trendline This Week?

With the Bitcoin price taking a bullish reversal, the AI tokens are quick to bounce with the additional demand in the market. Amidst this recovery, the FET

The Fetch.AI (FET) price showcases a bullish reversal from a critical support level as the AI tokens quickly bounce back with the bullish Bitcoin price. Will this bullish reversal in the Fetch.AI token surpass the overhead resistance trendline this week?

Our price analysis below will uncover the crucial levels to watch for a potential bull cycle in the FET token and whether it is the best time to invest in the FET token at this price.

What is Fetch.AI (FET)?

Launched in March 2019, Fetch.AI is a Cambridge-based startup that builds an open-access decentralized network for autonomous software agents. These agents can perform useful economic tasks on behalf of their owners. The native token of the Fetch.AI platform is FET, which is used to power the autonomous agents on the network.

FET is an ERC-20 token on the Ethereum blockchain and can be traded, used in decentralized applications (dApps), or held for potential appreciation.

Key Takeaways

The Fetch.AI (FET) price showcases a bullish reversal from a critical support level.

With the bullish Bitcoin price, the AI tokens are quick to bounce back with the additional demand in the market.

A bullish reversal in the Fetch.AI token is ready to take off from a critical support level.

Relative to the hype surrounding generative AI and the footprints of Aavegotchi in the NFT space, Fetch.AI is a promising project in the Web3.0 landscape. Its autonomous agents and decentralized approach to tasks could propel the FET token to greater heights in the future. However, it is crucial to note that the crypto market is inherently volatile, and investors should always conduct thorough research and exercise caution before making any investment decisions.

With a market cap of $1.378 Billion, Fetch.AI (FET) ranks at #64 in the crypto world. Further, it showcases a 22% drop in the last 30 days during the pullback phase.

On the technical aspect, the FET price action reveals a pullback trend in the daily chart, leading to a falling channel pattern. The bearish trend in the AI token falls below the $2 psychological mark and the 200D EMA with a downtick in the 50D EMA. Hence, the EMAs warn of a death cross in the daily chart.

FET/USD Daily Chart Price Analysis on Tradingview: A bullish reversal from a crucial support level can propel FET price to all time high

Currently, the AI token trades at $1.63 with an intraday drop of 4.62% piercing into the 11.64% jump last night. Further, the last night forms a bullish engulfing candle from the support trendline. This peaks the possibility of a bullish reversal within the falling channel pattern.

Moreover, the MACD and signal lines in the daily chart prepare a bullish crossover to bolster the upcycle in the FET token price.

A bullish reversal within the pullback channel can result in a jump to the overhead resistance trendline. Hence the bull cycle can pump the FET price to the $2.5 mark.

Optimistically, the price reversal can result in a breakout rally to test the all time high close to $3.50.

Conversely, a bearish continuation can dump AI token under the $1.50 mark and the support trendline.

News source：https://www.kdj.com/cryptocurrencies-news/articles/fetchai-fet-price-analysis-bullish-reversal-surpass-overhead-resistance-trendline-week.html

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