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- 1 Fetch.AI’s price is currently trading at $0.2107 while witnessing a gain of 0.29% during the intraday session.
- 2 FET price trades below 20, 50, 100, and 200-day EMAs.
- 3 The year-to-date return of Fetch.AI is 130.13% while the three-month return is -33.77%.
FET price has been stuck in a wide consolidation zone ranging between $0.2090 and $0.2460 after the bullish rally. The cryptocurrency price has been consolidating since June-end. Fetch.AI surged roughly 41% from the support level of $0.1790 and formed a high at $0.2559.
The price attempted to close above the $0.25 level but it was not possible due to the presence of bears. Currently, the price is hovering near the support level and the previous candle did break the support level after facing rejection from $0.2170 but could not close below it.
If a candle can break and close below $0.2090, there is a possibility that it might melt to $0.1790 causing a downfall of 12.07%. On the other hand, if bulls take control and push the price above $0.23, there is a possibility for the price to head toward a resistance level of $0.2460.
Social Dominance Of Fetch.AI
The social dominance of Fetch.AI has also taken a hit. The telegram users have dropped from >15K to 12.40K. The Reddit active users have dropped to 21 from 232 since the beginning of July 2023. However, the Twitter followers and Reddit subscribers remain intact at 9.32K and 137,458 respectively.
The market capitalization of Fetch.AI has decreased by 1.28% to $173,387,572. The 24-hour trading volume has increased by 37.50%.
Will FET Price Fall to the $0.1790 Level?
The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages (EMAs), indicating bearish momentum. The 20-day EMA has started to act as resistance to the price. Chaikin money flow (CMF) score is -0.01, suggesting slight weakness in the market.
However, CMF has recovered from a -0.09 dip which indicates that bulls are entering the market and there is capital inflow. The relative strength index (RSI) has dropped below the 50 mark and currently trades at 42.34 suggesting a rise in bearish pressure.
RSI has been trading below the 50 mark since 18 July 2023. The Bollinger bands have contracted indicating low volatility in the market. Currently, the cryptocurrency price is trading near the lower band with no signs of a short-term pullback.
The long/short ratio is 0.85 with 46.11% longs and 53.89% shorts indicating a higher number of positions from the selling side in the last 24 hours.
Conclusion
The hype fueling the bullish rally of Artificial Intelligence-related crypto tokens seems to be dying. The weekly trade volume of AI crypto tokens peaked in January 2023. Since then, there has been a sharp decline. The technical parameters are favouring the selling side but traders should wait for the price to break below $0.2090 before looking for any bids.
Technical Levels
- Major support: $0.2090 and $0.1790
- Major resistance: $0.2460 and $0.2800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
