Fetch.ai’s native token, FET, appears to be tracing the steps of its previous price action, setting the stage for a potentially significant resistance test.
According to analyst Rekt Capital, Fetch.ai is literally repeating the same market move as last week. After surging to the $0.46 level where it faced rejection, FET pulled back to successfully retest underlying support around $0.33.
Now, just as it did last week, FET looks poised to follow the same trajectory higher, likely headed for a retest of the crucial $0.46 resistance zone that halted its rally attempt last time.
Rekt Capital points out that this pattern mirrors Fetch.ai’s price action from mid-2021. Back then, FET surged to $0.46, where it failed to break out. On a retest of that level, FET managed to push through and continued climbing to $0.56.
If history repeats, Fetch.ai could be gearing up for an eventual breakabove $0.46 if it can turn the level into support on this retest attempt. However, failing to overcome resistance could see FET draw back once again.
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The coming days will be pivotal for Fetch.ai as it squares up against the $0.46 hurdle. FET appears to be following its bullish script so far. Now it must confirm the pattern by converting resistance into support and maintaining its upward thrust. A successful outcome could open the path for FET to vie for new highs.
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