Fetch.ai (FET) witnessed a substantial 25% surge yesterday, hitting a new yearly peak at $0.62 before a slight dip today.
Even with this decline, it remains above a significant horizontal level. Will it recover or face a breakdown? Fetch.ai’s Movement Over $0.60 FET’s price has been on an upswing since hitting $0.16 on August 17. It established a higher low in October and picked up its momentum notably. The rally hasn’t seen any major pullbacks since then.
Despite a slowdown in early December, the altcoin spiked notably yesterday, reaching $0.62, a new yearly high. Although it retraced below $0.60 after hitting the peak, the Relative Strength Index (RSI) remains a crucial momentum indicator for traders, marking overbought or oversold market conditions.
Bulls hold sway when the RSI trends above 50 and upward, while below 50 signals the opposite. In December, the RSI showed a bearish divergence (green) before a minor decrease, often seen when a momentum drop accompanies a price rise. This led to a retest of a critical horizontal resistance area, confirmed as support (green icon). Subsequently, the price rebounded post-RSI’s hidden bullish divergence (black), now positioned above 50.
What’s the Analysts’ Take? Experts and traders on X are optimistic about the future.
Crypto Tony believes this upward move is just commencing, suggesting there’s ample time for entry. FET Price Forecast: Sustaining the Uptrend Analyzing using the Elliott Wave theory, technical analysts spot long-term price patterns and investor psychology to gauge the trend’s direction.
The prevailing wave count indicates FET’s in the final phase of an upward movement since August. If accurate, the price could hit at least $0.72, mirroring the previous upward momentum. However, the market’s response at that level will determine the trend’s continuation. Achieving this target requires a 25% rise. But, a close below $0.48 would nullify the bullish forecast, risking a 35% fall to $0.38.
