Fetch.ai Price Prediction As FET Surges 30% Amid Bullish Market Sentiment

The Fetch.ai price has soared 30% to trade at $1.69 as of 8:11 UTC. The trading volume and market capitalization have also skyrocketed by 131% and 28% to $460.5 million and $1.4 billion, respectively.

The daily price chart shows that FET has bounced back after touching the support level of $1.0917. This recovery is supported by the price increasing to $1.69, which signals a bullish sentiment in the FET market. 

Further, a crypto analyst, Crypto Tisa, is optimistic about the FET price hitting $3.5 if the bulls sustain the momentum.

$FET has bounced from monthly support and achieved 40% rise in price…@Fetch_ai
With current #AI theme going..it can go to 3.5$ to 5$

Retweet if you agree 👍 #crypto #binance pic.twitter.com/5z57iP12qw

— CRYPTO TISA (@CryptoTisa1) June 20, 2024

Fetch.ai Statistical Data

Based on data from coinmarketcap,

• Fetch.ai price now – $1.69
• Fetch.ai market cap – $1.4 billion
• Fetch.ai total supply – 2.6 billion
• Fetch.ai circulating supply  –  848.1 million 
• Fetch.ai  ranking – #61

The Fetch.ai price is attempting a recovery, holding above the support level of $1.0917. If the bulls are able to defend this level, using the 50-day SMA as their critical support, they could drive the price up as the markets could realize more gains.

Fetch.ai Technical Outlook

The Fetch.ai price is trading in a bullish bias as the bulls attempt to reclaim its ATH. With the unprecedented development in the AI token, supported by the technical indicators, the bulls are in control of the market, cementing the bullish outlook.

For starters, the Relative Strength Index(RSI) is above the 70-overbought zone, signalling intense buying pressure. Currently, it sits at 73, indicating a strong bullish momentum in the FET market price.  

Notably, the AI token is trading above the 50-day SMA but slightly below the 200-day SMA. If the bulls can take advantage of the 50-day SMA as their critical support, they could grow hind wings and drive the price upward to around $1.9785, which coincides with the 200-day SMA.

Moreover, the MACD (Moving Average Convergence Divergence) indicator hovers around the positive territory. Recently, the blue average line crossed above the orange signal line around the neutral level, signalling bullish momentum. Additionally, the histogram bars are flashing green, signalling a shift in price movement and reinforcing the bullish outlook.

Fetch.ai Price Prediction: Will The Bulls Sustain the Bullish Momentum? 

If the current bullish momentum sustains, the Fetch.ai price could shatter the $1.75 and $2.23 resistance levels. This directional bias would create a stretch for more gains, with the FET price likely to take back the reins above the psychological level of $2.347. In a highly bullish scenario, the bulls might target the $3.200 ATH. 

Conversely, if the RSI falls below the mean level of 50, the $1.09717 support level will give way to further downsides. A lower low relative to the $1.104 bottom recorded on 18 June would solidify the downward trend.

Bottom Line

The bulls seem to be in control of today’s market session, as seen in Fetch.ai’s price movement. However, the RSI is at 73, which is in overbought territory. This suggests a potential pullback or consolidation before any further upward movement.

Notably, based on Welles Wilder’s interpretation of the RSI, an asset is only ripe for selling once the RSI crosses below the 70 regions. Until then, traders may consider leaving their orders open, save for those looking to take new positions on Fetch.ai.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.