Fetch.AI (FET) Price Analysis: Expert Predicts Rally for the AI Crypto if Key Level Holds – Here’s His Outlook
Fetch.AI (FET) has been a standout performer in the AI sector, displaying robust bullish trends on high-time-frame charts. Following the crucial resistance break at $0.5, FET’s price surged, stabilizing around $2.3. The market dynamics suggest a complex yet promising future for FET, as examined by Sjuul from AltCryptoGems.
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Fetch.ai’s (FET) Technical Analysis
FET’s journey has been marked by milestones. After breaching the $0.5 resistance, the coin witnessed a consistent rise. However, after peaking at $3.47, FET entered a correction phase. This shift was evident on the daily charts, where the price structure turned bearish, forming lower highs.
Since the beginning of May, FET’s price action has shown resilience. It has reversed its downward trend, creating a series of higher lows. The formation of a large flag pattern visually represents this recovery phase. Recently, FET managed to break this flag pattern, achieving its first higher highs in months.
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Short-Term Consolidation and Resistance
On the 4-hour chart, FET has been in consolidation for 40 days. This phase indicates a battle between bullish and bearish forces. The supply zone remains a critical resistance point, consistently pushing the price lower. The price is currently retesting the mid-range level for the third time, which is crucial for maintaining bullish momentum.
For FET to continue its upward trajectory, the mid-range level must hold. If this level sustains, it could lead to breaking the resistance and initiating a new uptrend. Sjuul highlights that as long as this mid-range holds, there is potential for FET to resume its bullish path.
Fetch.AI’s performance underscores its prominence in the AI sector. The coin’s ability to break through key resistance levels and form higher highs after a correction phase indicates a resilient market structure. However, the current consolidation phase and resistance challenges need to be closely monitored.
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