Fetch.ai (FET) Price Sends Signal That Sellers Are Back in Charge

The Fetch.ai (FET) price is likely correcting the entire increase from Jan. The correction could end near $0.27.

Since breaking out from a long-term descending resistance line, the FET coin price has increased at a rapid pace. It rose by 656% at one point, leading to a high of $0.61. However, the price has fallen since.

More importantly, the FET token failed to close above the $0.47 resistance area. Rather, it created a bearish shooting star candlestick (red icon), which is characterized by a very long upper wick (red icon). This is considered a sign of selling pressure. Moreover, the high was characterized by an overbought RSI reading.

Therefore, a downward movement may now follow. A weekly close above $0.61 would negate this bearish FET price forecast. This could lead to the continuation of the increase toward an average price of at least $0.65.

FET/USDT Weekly Chart. Source: TradingView

FET Price Count Predicts Corrective Rally

In addition to the weekly time frame’s bearish outlook, the daily time frame price action is bearish. The price has completed a five-wave increase, in which wave five was extended. The shape of the triangle in wave four and the ensuing decrease confirm that this is the correct count.

If so, the Fetch.ai price will likely decrease toward the 0.618 Fib retracement support level at $0.27. This is also a horizontal support area, coinciding with the lows of wave four.

On the other hand, an increase above the previous high of $0.61 would invalidate this bearish count. It would mean that the correction is already complete and could precede an increase toward $0.65.

FET/USDT Daily Chart. Source: TradingView

To conclude, the FET price forecast suggests that the price will gradually correct toward $0.27. An increase above $0.61 would invalidate this bearish forecast and signal that the correction is complete. In that case, FET could pump toward $0.65 and possibly higher.

For BeInCrypto’s latest crypto market analysis, click here.


BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)

Related Posts

Shiba Inu (SHIB) Rebound Looks Unlikely Despite Shibarium L2 Launch

SHIB Price has retraced 13% since the start of March. 
Shiba Inu whales are trading less. 
On-chain Data reveals a large SHIB sell-wall around the $0.000011 mark, signaling another potential downswing.

Bookmark (0)

Polygon (MATIC) Holds the $1 Support but Could Bearish Whales Trigger Lower Prices?

Polygon (MATIC) is trading below $1.20 for the second week running. 
Crypto whales have offloaded $30 million worth of MATIC in the past week. 
$1 support may not hold much longer.

Bookmark (0)

Metaverse Fashion: The Wave of the Digital Future?

Interest in the Metaverse has dropped approximately 85% since its peak.
Big brands like Nike, Adidas, Balenciaga, and Gucci are still paying attention.
The industry believes that metaverse fashion and digital clothing are key to a sustainable future.

Bookmark (0)

Crypto Interest in Singapore Remains Strong Despite Layoffs and MAS Restrictions

Despite high-profile bankruptcies, survey reveals that Singaporeans remain invested in cryptocurrencies.
Singapore has suffered a great deal of crypto industry layoffs between February 2022 and 2023.
40% of Singaporean investors are expected to invest in cryptocurrencies over the next 12 months.

Bookmark (0)

Will the Launch of USDB Make Stablecoins Stable Again?

USDB, a Bitcoin-backed stablecoin started its beta testing phase today.
It uses unique approach of shorting Bitcoin through an inverse perpetual swap.
Will it bring back the trust in stablecoins?

Bookmark (0)

Ethereum (ETH) Price Approaches Yearly High – Is $2,000 Next Target?

Ethereum (ETH) price broke out from the $1,685 resistance area.
It broke out from a long-term descending resistance line.
The weekly and daily RSI are bullish.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *