Fetch.ai (FET) Price Prediction: Can FET Recover After the Recent Drop?

Fetch.AI stands to benefit significantly as broader market trends start to improve with blockchain and artificial intelligence.

The Fetch.ai (FET) price has been declining in a descending channel for the past few weeks. It dropped to a strong demand zone of $1.

However, the price found buying pressure at the demand zone. The FET surged 18% over the past few days. The price has been moving away from the demand zone. This could be a trigger for a breakout from the falling channel.

Read More: Fetch.AI stands to benefit greatly as broader market trends improve with blockchain and artificial intelligence.

At the time of writing, the FET price was trading at $1.31 with an intraday gain of 2.50%. The market capitalization stood at $3.30 Billion, and the 24-hour trading volume was $135.18 Million.

The trading volume increased by 90% over the past 24 hours. This shows more engagement from investors and traders.

If the FET price triggers a breakout from the channel, then it could perform positively. Buying pressure at the demand zone could be crucial to inviting buyers.

If the price manages to cross above the key moving average, then strong buying momentum could be seen. Moreover, the price may extend to the $2 mark in the next few weeks.

On the other hand, if the crypto asset price faces resistance at the key moving average, then selling pressure could be seen. Buyers might panic if the FET crypto asset price slips below the demand zone.

Once the price loses the $0.800 mark, it could be difficult for buyers to recover.

Regarding technical indicators, the token’s price was below the key moving average but moving towards it. The RSI generated a bullish crossover with the RSI-based moving average.

Could the FET Price Remain Bullish in the Short Term?

Market analysts are optimistic about Fetch.AI as they dub it their “favorite coin.” Others keep an eye on whether the sentiment is still bullish and say it might be a “good place to add.”

$FET Good place to add pic.twitter.com/Bxya2rEayE

The market is very bullish, and it seems that the price can increase tenfold from where it is now. Most believe that FET is still significantly lower and could have a stronger rebound, despite the recent pullback.

However, whether the price movement aligns with these expectations will depend on shifts in market trends.

FET Price Analysis Based on Chart

The FET surged 18% from the demand zone, which would be a buying signal. As per the chart, strong buying pressure was observed at the $1 demand zone.

The bullish RSI crossover suggested that there may be further upside potential. If the momentum continues, the token could reach the $2 mark in the coming weeks.

However, any resistance from key moving averages could lead to selling pressure. This could especially be the case if the price drops below the demand zone. A slip beneath $1 could trigger panic selling. The support levels would need to hold firm to prevent a deeper decline.

The views, and opinions stated by the author, or any people named in this article are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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