- 1 Fetch.AI price faced rejection at the 20 day EMA mark amid a selloff.
- 2 FET underwent strong distribution and was trading in a downtrend.
One of the biggest stories in crypto in the past few days has been the merger of Fetch AI (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN), three large networks in the AI industry that were in the limelight.
This new merger will consist of three major organizations, and they will be launching the Artificial Superintelligence Alliance (ASA) as a token.
FET lost momentum and fell below the key moving averages. It faced a rejection from the 200 day EMA mark and declined over 30% this week.
At press time, FET was trading at $1.34 with an intraday surge of 1.36%, reflecting neutrality on the chart. It has a monthly return ratio of -36.20% and 463.20% yearly, reflecting short term weakness.
The pair of FET/BTC is at 0.0000214 BTC, and the market cap is $3.46 Billion. Analysts are neutral and suggest that FET may face volatility and may retest the $1 mark ahead.
Is Fetch.AI (FET) Anticipating to Retest $1 Mark?
Amidst the price rebound, the token failed to gain beyond the strong resistance mark of $1.80. A double bottom formation is in the making and the token might retrace its path to the $1 mark.
Until the upside mark of $2 is not reclaimed, FET will trade in a bearish course and extend the underperformance.
Source: Santiment
The bears persisted in adding short positions over the past few sessions. The chart structure revealed the lower low swings, and a sell-on-rise pattern was intact.
The RSI curve displayed a convergence of the MA line with the signal line and fell to the midline region. Meanwhile, the MACD indicator plotted red bars on the histogram and conveyed a bearish outlook.
Per the bollinger bands and Fibo levels, the token price was within the lower bollinger band and was on the verge of entering the 23.6% zone.
Could Improved Weighted Sentiment Data Fuel a Rebound
Amidst the price rejection, the weighted sentiment data revealed a massive jump and surged over 560% to the 6.71 mark indicating that investors are speculating.
Source: Santiment
Likewise, the price volatility data revealed a notable rise of over 13% to the 0.036 mark.
Its on-chain data revealed an increase in the supply on exchanges and the holders continued to take their profits off the table, resulting in the follow-on declines in the last trading sessions.
@AltCryptoGems shared on X that FET has revealed a fake out and has trapped the investors who have made long in the last sessions.
I am a bit disappointed by the $FET price action. I was pretty optimistic we would get a breakout and an expansion, but the latest attempt ended up being a fakeout.
— Sjuul | AltCryptoGems (@AltCryptoGems) July 2, 2024
Now I want to see this support holding, and hopefully a structural reversal! pic.twitter.com/X3rUjQaHlf
Source:X
The immediate support levels for FET are $1.20 and $1.00, whereas the key upside hurdle is around $2, followed by $2.20
More Decline on the Cards?
The FET token price dragged below the significant moving averages and traded in the downside region, close to $1.40. Amidst the ASI merger, the token failed to hold the gains and faced rejection near the $2 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
