FET, the native token of Fetch.AI, has caught the attention of traders and analysts alike. ZAYK Charts highlight a potential 20-30% bullish wave following a trendline breakout.
According to ZAYK’s analysis, the 4-hour price action chart for FET shows a notable shift in market sentiment as the token breaks above a downward-sloping trendline, defining its recent price movement.
This breakout suggests that FET could be poised for a substantial rally, with targets set around $1.696, marking a potential rise of approximately 26.44% from its current price of $1.339.
The 4-hour price action chart for Fetch.AI has revealed an intriguing shift in market dynamics. After a consistent downtrend marked by lower highs and a well-defined trendline, FET has begun to show bullish behavior, breaking through the trendline.
Source: X
This breakout has sparked expectations of a 20-30% bullish wave, with analysts targeting a price of $1.696, which would represent a 26.44% increase from the current price of $1.339.
The breakout from the trendline indicates a potential reversal. A sustained rally above the trendline could start a more extended bullish phase. However, the risk of retracement is still present, as the cryptocurrency market is notoriously volatile.
Current Market Overview and Real-Time Data
As per CoinMarketCap, data shows that Fetch.AI‘s market capitalization stands at $3.22 billion, with a 24-hour trading volume of $201.08 million. This represents a 7.09% increase in trading activity, reflecting some growing interest in the token.
Source: CoinMaretCap
Despite the minor price dip over the past 24 hours, the recent price movement between $1.26 and $1.37 over the past week suggests moderate volatility, with FET maintaining a position above the $1.30 mark.
The circulating supply of Fetch.AI is currently 2.44 billion FET, with a total supply matching the circulating amount. This information remains key for traders as it helps gauge the asset’s liquidity and overall supply-demand dynamics.
Technical Indicators Suggest Indecision
The 1-day chart of FET against Tether (USDT) also reveals a consolidation phase. FET is trading at $1.313, near the middle of its Bollinger Bands range. The upper band is $1.479, while the lower band is $1.058. The price hovering around the middle band suggests market indecision, with neither bulls nor bears fully dominating.
The width of the Bollinger Bands signals higher volatility, and future price movement could either break above the upper band or fall below the lower band. Such a move would likely determine FET’s next trend.
Source: TradingView
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows weak bearish momentum. The MACD histogram is at -0.080, with the signal line slightly lower at -0.096, indicating that selling pressure is still in play. However, the shrinking MACD bars suggest that the bearish momentum is weakening, which may precede a bullish reversal.
FAQs:
What is the target price for FET after the trendline breakout?
Analysts target $1.696 for FET, representing a 26.44% increase from its current price of $1.339.
What does the Bollinger Bands analysis suggest for FET?
FET’s price is in a consolidation phase, with volatility expected to lead to a breakout or breakdown.
What does the MACD indicator indicate for FET’s market momentum?
The MACD shows weak bearish momentum, but shrinking bars suggest a potential shift toward a bullish reversal.
The post Fetch.AI (FET) Analysis: 26% Bullish Surge as Trendline Breakout Sparks Rally appeared first on Coinfomania.
