Analyst Draws Parallels Between Injective and Fetch.ai, Forecasts FET to Mirror INJ in Reaching All-Time High
Crypto trader David shared an interesting technical perspective, comparing Fetch.ai’s current price action to what Injective exhibited prior to its parabolic breakout earlier this year.
According to David, Fetch.ai consolidating constructively above the $0.49 level on weekly closes mirrors the consolidation Injective showed above $15 before launching over 350% higher to its all-time high.
Based on this analysis, David believes Fetch.ai’s chart signals a similar imminent price explosion after it finishes above $0.49. As long as FET shows stability on a weekly basis around this area on rising volume, the technical backdrop supports the bull case for new highs.
Injective itself experienced several weeks of pumping, hitting an all-time high above $41. This demonstrated the power of sideways consolidation to build energy ahead of major trend continuations.
Now Fetch.ai appears to be traversing an analogous accumulation phase, working off overheated conditions and establishing a lower launchpad for extension. Its capacity to hold $0.49 on weekly closes or on any retest would affirm its strength for significant additional upside.
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Show more +In summary, David spotlights the potential for Fetch.ai to emulate Injective’s bullish price sequence based on similarities in their technical setups. If FET can convert its sideways ranging into propulsive momentum like INJ did when exiting consolidation, considerable room exists for new highs materializing over the medium term.
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