Fetch.AI (FET) is attracting strong interest from traders as its price momentum builds. The token is approaching key resistance, suggesting a potential for further gains if a breakout occurs.
Bullish Momentum Builds for Fetch.AI
The daily chart for Fetch.AI looks promising. The price hovers close to the upper Bollinger Band at $1.51, indicating strong upward pressure. The token’s swift climb from the lower to upper Bollinger Bands suggests increasing volatility, which often leads to a trend shift.
The widening of the Bollinger Bands signals rising market activity. The Relative Strength Index (RSI) is currently at 60.21, nearing the overbought territory above 70. This reflects strong buying interest but also a caution for traders, as the price may face resistance soon.
Analyst Prediction: Major Rally Ahead?
Crypto analyst CryptoLeo00 believes that Fetch.AI is poised for a significant pump if it crosses a key descending trendline. After reclaiming the $1.5 level, the next resistance target is set at $1.739. A breakout here would confirm the trend reversal and likely lead to a new higher high on the weekly chart.
According to CryptoLeo00, Fetch.AI could reach $3.516, marking a potential 234% gain from its current price. This target is based on a measured move from the current consolidation pattern, suggesting a parabolic rally.
Support Levels and Bullish Channel Formation
If Fetch.AI fails to break above $1.739, it has strong support at $1.5, which marks the lower boundary of its current range. Should the price dip below this level, the next support lies at $1.2, a base for previous rallies.
The chart indicates a possible ascending channel forming, with clear support and resistance lines. If FET follows this channel, it is likely to establish higher lows, reinforcing the overall bullish outlook. Traders should monitor these levels closely to manage risk effectively.
