Fetch.ai’s Bullish Trajectory: Is FET Bound for This Next Price Level After a 1600% Surge? Key Metrics to Watch

Crypto trader Hov, also known as @SenseiHov on X, has been closely monitoring the price surge of Fetch.ai (FET). In his latest update, Hov revealed that the “plan has worked out to perfection,” with FET surging over 1600% for those who held the spot support level and 760% for late entrants who bought at the $0.4 level. This rally has unfolded while Hov kept his subscribers updated throughout the entire journey.

Macro Wave Cycle and Potential Targets

According to Hov’s analysis, Fetch.ai’s price action could be in the fifth wave of a third wave on a macro degree level. Consequently, he anticipates a “pretty significant reaction” once FET reaches the $4 mark. However, Hov wouldn’t be surprised if the recent positive news triggers an extension, potentially propelling FET towards the primary target of $8.5 for this macro degree wave before a larger correction unfolds.

Significantly, if Hov’s assessment proves accurate and FET’s rally represents a macro third wave instead, the upside potential could be extraordinary. At $8, traders who entered at the spot support level would be sitting on gains exceeding 4000%, while late entrants would still enjoy profits over 2000%. Hov advises caution, stating, “Those are life-changing gains you don’t want to round trip. It would definitely be smart to take a bit of profit there.”

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Elliott Wave Analysis by Crypto Tony

Moreover, analyst Crypto Tony has been tracking FET’s price action through the lens of Elliott Wave Theory setting his target at $7. In a tweet he suggests, ‘FET to $7.00 pending.’ Furthermore, per his chart analysis, Fetch.ai’s price movement appears to be forming an Elliott Wave sequence, with waves labeled (i), (ii), (iii), (iv), and (v). His chart indicates a strong bullish trend, with wave (iii) being the longest and strongest impulsive wave.

Additionally, Tony’s analysis projects a specific target for wave (v) at “1.618 of Wave 3,” referring to the Fibonacci extension level commonly used in Elliott Wave forecasting. Additionally, a trendline supporting the growth of the price is visible, originating from the bottom of wave (ii) and projected forward, suggesting potential support levels during retracements.

Market Action

Consequently, according  data from CoinMarketCap at the time of publication, Fetch.ai’s price stood at $3.17, up 1.05% in the last 24 hours. The crypto community eagerly awaits the unfolding of this price rally, with traders closely monitoring the critical levels and potential targets outlined by Hov and Crypto Tony’s analyses.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.