Fetch.ai Rally Gains Steam as FET “Looks Ready for Expansion” says Top Analyst

December 12, 2023

Fetch.ai Regains $0.70 Level, Analyst Shares Flipping This Resistance Can Push FET to $1

Cryptocurrency Fetch.ai (FET) rallied 8% on Tuesday, bringing its 30-day gains to over 35%. According to popular crypto analyst CJ, this latest move higher could be the start of more upside for the FET token.

In a recent tweet thread, CJ pointed to an “upwards accumulation structure” on the FET daily chart. This, combined with the daily RSI resetting and Stoch RSI at oversold levels, suggests “this looks ready for expansion” in CJ’s view.

The first major upside target is $0.87, which would represent a 55% rally from current prices around $0.56. While ambitious in the fickle crypto markets, CJ notes the bullish positioning of the daily RSI supports the case for swift expansion ahead.

“Given the position of the Daily RSI I think we’re set for expansion. However, if we end the day with a rejection candle, this would be the fall back plan: – Sweep range low into demand – Reclaim – Send This would actually be one hell of a setup, especially given the framing of the daily, but as it stands right now, it doesn’t look likely, especially if we close the day strong. Thought I’d mark it up in any case.”

In terms of potential invalidation points, closes below $0.46 and the daily RSI losing the 50 level would trigger alarm bells. Protecting profits if either level gives way is recommended.

Beyond the technicals, CJ also highlights how the FET perp futures contract “swept” the recent range lows on both Binance and Bybit. This type of price action tends to draw in buyers and preceded the latest 8% surge.

In conclusion, while the $0.87 target seems optimistic to some, the analyst makes a reasonable case that further upside could unfold in the short-term. However, crypto volatility means plans and targets require flexibility.

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