Based on technical analysis, Fetch.AI (FET) has been hovering near supports and resistances, and the price is likely to rebound soon at the current support level.
The current price is $1.274 after a strong pullback in mid-October. November and December predictions indicate a slight increase.
FET Price Analysis: Market Trends and Technical Indicators
The market appears to be reversing, as Fetch.AI’s recent price displays a bearish pattern. After a steep decline in mid-October, the price has been hovering between $1.20 and $1.25, which could be emerging as a support zone.
Analysts are pointing to a resistance level of $1.40 to $1.45 at which they speculate an upward movement can happen if demand increases.
Technical indicators are giving bearish signs. The Relative Strength Index (RSI) is at 42.58, indicating a still bearish market but not oversold yet. On the other hand, the MACD indicates that bearish pressure is weakening.
Analysts Remain Optimistic About FET’s Short-Term Potential
Experts in the market are optimistic that Fetch.AI will bounce back. Some refer to it as their “favorite coin.” Others point out it could be a “good place to add” and are watching to see if the sentiment remains bullish.
The community is extremely bullish and it seems that from the current state, the price can surge 10x. Even with a recent pullback, most think FET is still substantially lower and could have a further strong rebound.
However, changes in the market trends will determine whether the price movement is in congruity with these expectations.
November and December Forecasts Indicate Moderate Price Gains
Fetch.AI can be expected to show gradual growth until the end of 2024, according to forecasts. A rise of 9.04% is predicted for November, putting the price range between $1.252859 and $1.384312. This projection is based on the present conditions in the market and technical support holding.
December prediction shows that FET would trade in the range of $1.338315 and $1.361029, slightly higher than what we saw in October.
However, if these predictions turn out as per analysts’ views, investors would likely gain 7.15% profit from the current price.
As artificial intelligence and blockchain continue their development, Fetch.AI stands to see major gains as broader market trends begin improving.
 price hovers near support with a potential rebound. Analysts predict a 9% gain in November and a 7% increase in December.){kind=link}