Is Fetch.ai (FET) On The Cusp Of Another Mega Bull Run To 2021 Highs?
15 Noviembre 2023 - 4:00PM
NEWSBTC
A crypto trader took to X on November 15, predicting that
FET, the native currency of Fetch.ai, an AI-centric platform, could
be aligning itself for a “green path,” resuming the uptrend of the
past few weeks. The analyst, @rektcapital, believes the
recent price action on the weekly chart points to strength.
Moreover, the possibility of FET bulls flowing back and driving
prices above the immediate resistance level registered in early
November remains elevated at spot rates. FET Remains Bullish, Up
770% From 2022 Lows Looking at the candlestick arrangement in the
weekly chart, FET buyers have had the upper hand. To quantify, the
coin is up 140% from July 2023 lows and may be preparing for even
more upsides if prices break above $0.46 recorded in the first week
of November. As it is, FET is up by over 770% from December 2022
lows when the coin plunged to as low as $0.0570. Related
Reading: If Your Bitcoin Wallet Is A Product Of The 2016
Technology, You Could Be In Trouble – Here’s Why From technical
analysis, FET recovered from around $0.17, representing the 78.6%
Fibonacci retracement level of the trading range established in the
first half of 2023. FET prices may rise, building on the bullish
engulfing bars of late October and early November 2023, breaking
above $0.46. This expansion, in turn, may create the base for the
next leg up to $0.60, marking 2023 highs. Despite the current
rally, whether FET prices will find the momentum to retest 2021
highs of $1.20 is still unclear. Even so, as FET expands, there is
a notable change in participation levels, looking at trading
volume, between 2023 and 2021. Prices might be down 65% from the
September 2021 peak, but associated trading volume is higher,
suggesting more support. If trading volume is a leading indicator,
it is highly likely that even if FET moves in a green path as
@rektcapital predicts, the odds of the coin retesting 2023 and 2021
highs will be high and the uptrend possibly rapid. Fetch.ai
Building, Dominates Social Media Activity In October,
Fetch.ai launched DeltaV, an open platform allowing users
to interact with Fetch.ai agents and services naturally and
intuitively. With this solution, developers hope users will further
explore the blockchain, utilizing its capabilities. Related
Reading: Bitcoin Bearish Signal: Exchange Inflows Hit $1.2 Billion
In Past Month At the same time, Fetch.ai emerged as the
leading crypto AI project by social media activity. With over 1,700
posts and over 409,000 interactions as of November 15, the platform
is more popular than The Graph (GRT) and the Ocean Protocol
(OCEAN). Feature image from Canva, chart from TradingView
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