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- 1 The Fetch.ai price witnessed a solid comeback and soared over 45% this week.
- 2 Sellers have looked trapped, and the key metrics have revealed signs of a trend reversal.
After a recent cryptic Tweet from Injective, which could indicate an upcoming partnership between Fetch.ai and Injective, the Fetch.ai price has witnessed a quick rally.
The Fetch.ai (FET) price revealed a sharp pullback and reverted from its demand zone of $1.10. This week, the FET token has made a bullish engulfing candlestick at the bottom and rebounded over 50%, conveying buyer accumulation.
At press time, the FET price traded at $1.64 with an intraday surge of 16.36%, reflecting buying momentum on the charts. It has a monthly return ratio of -28.90% and 622.30% yearly, reflecting neutrality.
The pair of FET/BTC is at 0.0000270 BTC, and the market cap is $4.24 Billion. Analysts are bullish and suggest that the FET price may surpass the 200-day EMA mark and will stretch the gains ahead.
Could Fetch.ai (FET) Fetch a $2 Mark by the End of This Month?
With the fast-growing AI technology, most AI crypto assets have outperformed the market, and Fetch.ai (FET) surged over 50% this week.
For the past few weeks, the token price was in a closed range and witnessed a breakdown, which led to approach the $1.10 mark. From there, a notable buying activity was seen, and the token reclaimed the 200-day EMA in the intraday session.
Meanwhile, the buyers are looking to stretch the pullback wave and are eyeing to retain the $2 mark. The bear army looked trapped and had covered their short positions, leading to a bounce from the bottom.
The price action signifies a recovery followed by a base formation around $1.10. The FET token is set to revisit the $2 mark and might deliver further short covering swing ahead.
Its trading volume sharply spiked over 173% to $393.73 Million, revealing the intense investor speculation activity in the last 24 hours.
Meanwhile, signs of trend reversal were spotted, and the buyers began accumulating the FET token. This week, the FET token has trapped the bear cartel at the bottom, and buyers have shown dominance.
Source: Santiment
The Momentum Indicator (RSI) curve spiked from the bottom zone and was eyeing to cross the midline region, witnessing a positive crossover on the charts.
Per the Fibo levels, the FET price has rebounded from its 23.6% level and will likely reclaim the 38.2% zone near the $2 mark.
Sharp Up Move in Price Volatility and Weighted Sentiment Data
The price volatility curve spiked over 65% to the 0.077 mark, highlighting the sharp speculative buying activity in the past trading hours.
Price Volatility | Source: Santiment
Similarly, the investors looked confident about making fresh long positions in the FET token, which improved sentiment among its holders.
Fetch.ai Witnessed a Surge In Popularity
The Fetch.ai token witnessed a massive spike in the social dominance value, which soared over 78% to 1.019%, hinting at the incremental move in the user’s engagement on social media platforms.
Development Activity | Source: Santiment
Meanwhile, the development activity revealed a decline of over 34% and dropped to
1.83 mark, revealing a slight hawkish outlook.
A post on the X platform highlighted that the FET price has reverted from its bottom support zone of $1.10.
$FET confirmed a reversal then a bottom on daily pic.twitter.com/qCZhku9nBx
— Don't follow Shardi B if you hate Crypto (@ShardiB2) June 25, 2024
Source: X
The immediate support levels for the FET token are $1.30 and $1.10, whereas the key upside hurdle is around $1.90, followed by $2.70.
Will FET Display Short Covering Rally Ahead?
The FET token price retested the 200-day EMA mark and is trying to overcome the hurdle, and if it happens, the token may retain the $2 mark soon. Meanwhile, signs of trend reversal were noted, and sellers looked trapped on the charts.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
