Fetch.ai (FET) Price Correction Imminent
Fetch.ai’s price is on the brink of a correction for various reasons, including potential selling pressure from investors. Furthermore, the altcoin faces the threat of a death cross, which may drive FET down to $1.7.
Fetch.ai Registers Decrease in Investor Interest
- Fetch.ai’s price is currently facing a downturn due to diminishing support from investors.
- The network growth has dropped to a seven-month low following a surge during the recent rally.
- Network growth is a gauge of a project’s market traction, indicating whether it is attracting or losing investors.
A potential explanation:
- The decline could be attributed to FET holders saturating profits, with over 97% of supply currently above their purchase price.
- Only 3% of investors are at a loss, having bought at an all-time high price.
FET Price Forecast: Key Support at $2
- Fetch.ai has experienced a 12.7% decline over a week, with the altcoin hovering around $2.08, near the crucial support level at $1.96.
- Investor pessimism could lead to a breach of this support level, potentially triggering a further drop.
- The possibility of a death cross looms, with the potential to drag down FET to $1.71.
Other perspectives:
- The $1.96 support level has been tested multiple times but remains intact. A potential bounce could propel Fetch.ai’s price to $2.26.
- If this level holds, a push towards $2.46 and beyond is plausible, potentially overturning the bearish outlook.
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