Fetch.ai experienced a surge in price, reaching above $0.60. On August 17th, the token hit a low of $0.16 and has been steadily rising since then. In October, it formed an increasing low and showed significant growth without major corrections. Although the rally paused in early December, the altcoin recently rallied and reached a new yearly high of $0.62, before falling below $0.60. Source: TradingView
During December, the RSI formed a bearish divergence (green), followed by a slight decline. A bearish divergence occurs when prices rise while momentum weakens. This led to the retesting and confirmation of a key horizontal resistance area as a support level (green icon). Subsequently, the FET price rebounded after the RSI formed a hidden bullish divergence (black). The current momentum indicator is above the neutral level of 50.
Experts and traders on Platform X are optimistic about Fetch.ai’s future. Crypto Tony believes that the growth of FET is just beginning, indicating that there is still time for interested individuals to enter the market. DavidOnCrypto highlighted the new yearly high and suggested that the price could rise to the next resistance level at $1. ShitcoinAlchemist expressed general optimism due to the increasing popularity of artificial intelligence (AI) and endorsed FET as an innovative and technologically advanced coin with the potential to reach $1.
According to Elliott wave analysis, the most likely scenario indicates that the price is currently in the fifth and final wave of an upward movement that started in August. If this analysis holds true, FET is expected to rise to at least the target level of $0.72, which represents a 25% rally. The subsequent behavior of the coin after reaching this milestone will determine whether further growth will continue. However, if FET closes below $0.48, it would invalidate the bullish forecast and potentially lead to a 35% drop to $0.38. Source: TradingView
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Please note that the information provided above is derived from various sources and should not be considered as financial advice.