Fetch.AI’s Bullish Trend: Will it Continue?
Fetch.AI (FET) is currently experiencing a bullish trend that is expected to gain traction among investors. Furthermore, this altcoin is also anticipated to benefit from the post-halving bullishness of Bitcoin.
Investors in Fetch.AI remain optimistic about the future. The actions of major investors, or whales, have influenced the price of Fetch.AI in the past, and it seems that this trend is expected to continue. Despite recent sideways movement, whales have shifted their stance from holding to accumulating more assets. In the last 48 hours, addresses holding between $100,000 to $10 million worth of assets have increased their holdings by $59 million, which indicates growing optimism for a rally.
The bullish rally for Fetch.AI may come sooner rather than later, and one of the contributing factors is its correlation with Bitcoin. Bitcoin recently underwent a halving event, which occurs every four years and reduces mining rewards by half. This supply shock often leads to a price increase in Bitcoin. As a result, altcoins like Fetch.AI also experience a bullish impact, and Fetch.AI has a correlation of 0.85 with Bitcoin.
In terms of price prediction, Fetch.AI is currently trading at $2.42 and displaying a double-bottom pattern formation. This technical pattern suggests a potential reversal from a downtrend to an uptrend. While Fetch.AI broke through the neckline at $2.28 last week, it has yet to validate the pattern. The target set according to the pattern is 14.72% above the neckline, which is still approximately 8% away from the current trading price. This indicates that Fetch.AI still has room to grow in the coming days.
However, if the market shows bearish cues as a priority, Fetch.AI could fall and test the neckline support at $2.28. If this support level is lost, it would invalidate the bullish thesis and push Fetch.AI’s price down to $2.10.