LIVE💥 According to BeinCrypto: $FET Analysis
After a remarkable rise, Fetch.ai’s price is noting some drawdown until the market cools down. This was an expected decline since nearly 98% of the entire circulating supply was sitting in profits.
Whenever more than 95% of the supply witnesses profits, a market top is formed. Market top refers to the peak of a market cycle, indicating a potential reversal or correction in the near future. This was validated by the recent correction. However, since 93% of the entire supply is still in profit, it could potentially induce profit-taking.
Fetch.ai’s price is close to losing the psychological support of $2.9 after having lost the 50-day Exponential Moving Average (EMA). If the aforementioned factors are weighed in, the likely outcome for FET could be a decline to $2.4, given it has been previously tested multiple times as support.
However, if Fetch.ai’s price can sustain above the $2.9 support, it would have a shot at reigniting the bullish flame. This will result in the invalidation of the bearish thesis if the 50-day EMA is flipped into support, enabling a rise to $3 and beyond to chart a new all-time high.
