FET Price Pumps: Here's How AI Token Might Challenge New ATH 'Within a Few Weeks'
- PHPzOriginal
- 2024-08-21 03:09:08594browse
FET is consolidating within a descending channel, signaling potential price movements. World of Charts and Daan Crypto Trades, two top analysts in crypto, have highlighted key technical levels and market dynamics for FET.
Cryptocurrency prices have been on a wild ride in recent months, and one coin that has traders buzzing is Fetch.ai (FET). The token, designed to provide decentralized infrastructure for Web3, has surged over 100% from its recent lows and is now eyeing new all-time highs.
Two top crypto analysts, World of Charts and Daan Crypto Trades, are keeping a close eye on FET as it approaches a crucial resistance zone. Here's what their technical analysis reveals.
FET Consolidating in Descending Channel, Key Resistance Ahead
A chart shared by World of Charts (@WorldOfCharts1) showcases a detailed analysis of FET's price action over several months. The chart reveals a well-defined descending channel, characterized by lower highs and lower lows since March 2023.
The price has remained within this channel, with the upper trendline acting as resistance and the lower trendline as support. A horizontal support level is also identified around $0.75, which FET has tested multiple times, confirming its significance.
On the upside, the horizontal resistance lies between $1.05 and $1.10, coinciding with a previous support zone that turned into resistance after the recent correction.
Recent Breakout, Potential Targets Analyzed
In mid-August, FET showed signs of strength as it broke out from the lower trendline of the descending channel. This breakout led to a significant upward move, with the price briefly retesting the broken trendline before surging higher.
Currently, FET is approaching the upper boundary of the channel and the horizontal resistance zone of $1.05-$1.10. If the price breaks above this zone, it could target previous highs in the $1.50-$2.00 range within a few weeks.
However, failure to breach this resistance may lead to consolidation or a retest of lower levels within the channel.
FET Might Be Best Coin for 'AI Exposure'
Highlighting the importance of the current price level, Daan Crypto Trades pointed out that FET needs to hold its ground and push higher. He noted that the token is one of the most direct ways to gain exposure to artificial intelligence in the cryptocurrency market.
If the AI narrative starts trending again, FET could see increased interest and trading activity. However, Daan also warns of clear invalidation below the current level.
At the time of writing, according to CoinGecko, FET is trading at $0.8863 with a daily trading volume of $231,701,238. This showcases a 9.34% price increase in the last 24 hours and a 4.70% price increase in the past 7 days.
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