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FET has been drawing the attention of crypto investors with signals of a looming upswing. Pointing at important technical signs that suggest a positive breakout, analysts are more hopeful about the near-term potential of the coin. Fetch.ai’s success has been rather constant in spite of market uncertainty.
Cryptorphic, a well-known crypto analyst, drew attention to the recent surge of Fetch.ai, saying FET has gone up 66% since his previous analysis. This surge was inspired by a hidden divergence in the RSI, which has given more fuel for the token to continue higher. He said that if FET could overcome the resistance level around $1.35, then further upside would be seen, with the price reaching as high as $3-$4.
#FET Price Update & Technical Analysis in a Weekly Timeframe
FET has gained 66% since our previous post and it is currently facing 21 EMA resistance at $1.35.
The hidden divergence in the RSI has played out well, and bullish momentum remains strong. Once FET breaks above this… https://t.co/AnbfgQeNA4 pic.twitter.com/5pgYsdSQ5x
— Cryptorphic (@Cryptorphic1) September 11, 2024
At the time of writing, FET was trading at $1.42, up 7.7% in the last 24 hours, and sustained a 27% rally in the last week, data from Coingecko shows.
FET Price Forecast And Near-Term Potential
The latest price prediction from CoinCodex, which shows Fetch.ai might increase 14.37% and reach as high as $1.549 by mid-October, supports this prognosis. It does appear very consistent with the general outlook of analysts, who feel this is the right climate for the token. Although the Fear & Greed Index is reading 31, which suggests fear, Fetch.ai has still had some pretty strong momentum, posting green days 53% of the time during the last month.
Source: CoinCodex
Another cryptocurrency researcher, Nebraskangooner, revealed on the FET price chart a significant inverse head-and- shoulders pattern. Usually seen as a positive indication, this pattern could reverse the trend should the token break through the neckline. Nebraskangooner said this might result in great upside, with FET reaching new highs should the pattern follow the expected trajectory.
$FET (per request)
Massive inverse head and shoulders formation here.
Needs to break neckline but would have nice upside potential if able to. pic.twitter.com/orFdMKy01u
— Nebraskangooner (@Nebraskangooner) September 10, 2024
Investors Watch Key Resistance Levels
With the coin approaching critical resistances, traders and investors are closely watching the token. The level of $1.35 will, therefore, be an important one to watch, given the possibility of a breakout above this level to trigger buy pressures that could lead to further institutional interest.
Supported by strong technical performance, Fetch.ai shows quite dramatic price fluctuations with 15.53% volatility in the previous 30 days. FET’s ability to maintain its ascent and the forecasts from CoinCodex and analysts like Cryptorphic and Nebraskooner helped build a lot of hope in its future development. Though market worry exists, general opinion of Fetch.ai is positive.
A Good Investment Opportunity?
With everything working in its favor, now may be the time to invest in Fetch.ai. From the bullish RSI divergence and strong technical patterns to almost consistent green days, the case is admittedly very tempting for any investor looking to make a kill from short-run gains. The potential for long-term growth is still on, with price targets between $10 and $12 if the bullish trend sustains itself.
The next few days will be crucial for the future of Fetch.ai as it attempts to break key resistance points upwards. A token breakout could lead to a price rally that may very easily push Fetch.ai to new highs, making it one of the top performers in the market. Investors are carefully watching, ready to reap the rewards if Fetch.ai keeps going up.
(Fetch.ai, Ocean Protocol, and SingularityNET unite to form Artificial Superintelligence through a token merger and continue to trade under $FET token — CoinGecko).
Featured image from Islam-Peace, chart from TradingView
