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.

Disclaimer

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)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published.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