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- 1 Fetch.ai price broke out of a short-term consolidation but may encounter selling pressure until it is maintained below the $2.58 level
- 2 The FET crypto project is experiencing a decline in network growth, which suggests that it is losing its appeal to new investors.
- 3 As profits increase and participation decreases, strong investors may choose to sell.
Fetch.ai (FET) price has been impacted by recent market corrections, resulting in a decrease in profits for crypto investors.
the last couple of sessions have witnessed a significant jump in the price, after the breakout of consolidation. However, the investors fear rejection from the recent supply of the $2.58 level.
Can FET Crypto Sustain The Breakout Or Will It Fade Away?
There is a question regarding the sustainability of the FET cryptocurrency’s breakout. While some are optimistic about its future, others have concerns that it may eventually fade away.
In the recent sessions, the price of FET decreased significantly, causing concern among investors. However, the bulls made a comeback after the price dropped below the 50-day EMA and a short-term consolidation was observed.
Currently, the bulls are making an effort to recover as the FET price has broken out of the consolidation and 50-day EMA. However, investors are still apprehensive of another selling pressure since the volume inflow has not supported the breakout.
Although recovery is possible, it is likely that FET price needs to show sustenance above the consolidation zone in order to validate the breakout and turn bullish.
Despite a significant increase in Fetch.ai’s price over the last few sessions, there has been no noticeable increase in volume, suggesting a fear of future selling pressure. Additionally, the daily chart indicates that the price remains below its previous swing high.
As the growth in profits is accompanied by a decline in participation, it is feasible that some prominent investors may opt to divest their holdings.
Fetch.ai Price DAA Divergence Show Increased Selling Pressure!
The above chart displays a correlation between the Fetch.ai price and FET price DAA divergence. As per the chart, It is highly probable that certain investors on the network may not exhibit resilience in the face of the current market situation, which is displaying a clear sell signal.
This signal is triggered only when the price and participation move in opposite directions or both act bearishly, causing a divergence with the daily active addresses (DAA). The situation with FET is such that the former conditions are being observed, indicating a high likelihood of triggering selling among investors
Fetch.ai Price Prediction: Can Bulls Outperform?
The recent market sessions for Fetch.ai (FET) have shown some positive signs of hope for investors, with a significant increase in price. However, the overall data remains negative, leaving investors confused about the future of the market.
Given the mixed signals from the market, if the Fetch.ai price can sustain the breakout, it may result in the validation of the termination of a correction phase and a new bullish wave may be observed.
On the other hand, if fear increases and the breakout fades away, the price may eventually hit a new swing low and resume its correction phase. Thus, it’s essential for investors to keep a close eye on the market trends and indicators to make informed decisions.
Conclusion
The price of Fetch.ai (FET) has been impacted by recent market corrections, resulting in a decrease in profits for crypto investors. Although the price has shown some positive signs of hope, investors are still apprehensive of another selling pressure since the volume inflow has not supported the breakout.
Currently, FET price needs to show sustenance above the consolidation zone in order to validate the breakout and turn bullish. The daily chart indicates that the price remains below its previous swing high. Fetch.ai price and FET price DAA divergence shows increased selling pressure, indicating a high likelihood of triggering selling among investors.
Technical levels:
- Support Levels: $1.9 and $1.58
- Resistance Levels: $2.58 and $3.36
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
