The broader market experienced a turnaround following the release of the U.S. Consumer Price Index data, which showed a decline in inflation rates, invigorating investor sentiment. Bitcoin ETFs recorded a significant influx, contributing to Bitcoin’s impressive 7.50% leap, propelling it past the $65,000 mark.
Simultaneously, Fetch.ai crypto also enjoyed a positive momentum, climbing nearly 12% the previous day. Despite this uptick, the digital currency has yet to overcome its corrective phase and continues fluctuating beneath a key trendline resistance.
Surging Trading Volume Signals Robust Expansion for Fetch.ai Crypto
Additionally, volume analysis indicates a significant increase in trading activity for FET Crypto. It suggests a positive outlook. The intraday trading volume surged to $318.17 million, increasing by approximately 30% from the prior day’s volume.
Concurrently, market volatility has escalated, with a 17.34% rise noted within the past day. Furthermore, the current circulating supply of FET tokens stands at 848.193 million, in contrast to the total supply of 1.152 billion FET tokens.
Moreover, there’s been a notable uptick in social metrics such as social dominance and volume, indicating FET’s escalating prominence in the crypto market. Typically, heightened social engagement correlates with positive price movements for the cryptocurrency.
Fetch.ai Price Forecast: Can It Reach the $5 Milestone?
The technical analysis suggests that FET crypto is exhibiting a descending triangle formation on the daily chart, with its price oscillating between a downward-sloping trendline resistance above and a solid horizontal support around the $2 level.
For a shift in trend and the initiation of a new bullish cycle, a decisive breakout above the upper trendline is essential. As long as the cryptocurrency remains within this pattern, it’s likely to continue its corrective trend.
Furthermore, as the overall market shows signs of recovery, it could also catalyze a breakout for Fetch.ai. Should the breakout be sustained, investors might set their sights on the $3.5 and $5 levels as the forthcoming resistance zones on the upside.
Conclusion
Fetch.ai (FET) crypto noted a 12% jump in price yesterday yet remained in a correction phase under trendline resistance. Furthermore, the trading volume rose by 30% to $318.17 million. Also, the social metrics improved, suggesting growing market influence.
Moreover, the daily chart reveals a descending triangle pattern formation. If it breaks out, it could initiate a bullish trend. The market’s recovery may prompt this breakout for Fetch.ai. If sustained, the focus could shift to $3.5 and $5 resistance levels.
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.
