Fetch.ai Price Falls 12% and Might Soon Lose the $1.175 Support

The #Fetch.ai price plunged over 11% in the past 24 hours to trade at $1.28 at press time.

This steep decline has pushed the altcoin’s weekly performance deeper into the red zone. As a result, the #FET price is down more than 24% on the weekly time frame.

The Fetch.ai price has been trapped in a descending channel over the past few days. Should it continue to trade in this channel for the next 48 hours, it could soon retest the $1.175 support level.

A break below this point might subsequently expose the altcoin to the risk of plunging further in the short term. However, $FET maintaining a position above $1.175 for the next 24 hours could invalidate the bearish thesis. In this alternative scenario, the Fetch.ai price might attempt to reclaim the $1.380 support.

A 4-hour candle close above this key point could then be seen as a long entry by traders. With this potential buy pressure, the Fetch.ai price might have the strength needed to overcome the next technical barrier at $1.60 before potentially rising to as high as $1.775 in the following couple of days. #altcoins #AI #BullorBear
The full analysis was originally posted on ecoinimist.com.