Fetch AI Analyst Points to Next Price Targets for FET Following ‘Overhead Resistance Trendline’ Breakout and Key Partnership
Fetch.ai’s FET token is positive this week with a 20% price surge so far, according to analysis from Coinpedia on Tradingview. The rally has seen FET reach a new all-time high of $3.34 before pulling back slightly to $3.0993 at the time of writing.
In their technical analysis, Coinpedia’s team points to FET’s breakout above a key overhead resistance trendline as a catalyst for the upward momentum. With a market capitalization over $2.6 billion and 67% spike in trading volume, demand for the AI cryptocurrency is clearly on the rise.
“FET’s price action includes a breakout above the critical overhead resistance trendline,” the analysts stated. “This sets FET up to challenge the 50% Fibonacci retracement level at around $3.39 as the next upside target.”
They identify a higher Fibonacci extension level near $4.44 as a longer-term objective should bullish momentum persist.
On the daily charts, the analysts see a rounding bottom reversal formation as supporting the continuation of FET’s bullish trend. FET is also challenging the upper boundary of the Bollinger Bands, a volatility indicator, signaling the strength of the current upswing.
However, one note of caution is the Moving Average Convergence Divergence (MACD) indicator, which shows a potential negative crossover around the $3.39 level. This hints at some supply pressure that could stall FET’s rally, at least temporarily.
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Show more +Several catalysts are driving FET’s latest price rise according to the analysts. The token has seen a boost from the recent buzz around a proposed merger between the AI projects Fetch.ai, SingularityNET, and Ocean Protocol to create a new AI data/computing powerhouse.
Broader anticipation in the crypto markets for Bitcoin’s upcoming halving event in April is also contributing to the overall bullish sentiment lifting altcoin prices like FET.
The report concludes that while some volatility is likely, a decisive breakout above $3.39 could clear the path for FET to target the $4.44 level based on the technical readings.
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