Fetch.ai Price on the Rise: Is $3 Within Reach?
The Fetch.ai coin has experienced significant growth in recent months, with its price skyrocketing from a low of $0.524 to its current trading price of $2.6. This represents a 406% increase and is part of a broader trend seen in AI-related tokens.
Other tokens in this sector, such as Near Protocol, RNDR, and SingularityNET, have also seen substantial growth. This bullish performance can be attributed to the upcoming NVIDIA 2024 GTC AI conference, which is set to take place from March 18 to 21. The conference will showcase the latest advancements in GPU technology and AI applications, impacting the world of AI tokens and cryptocurrencies.
Currently trading at $2.65, the Fetch.ai coin recently broke out from a horizontal resistance level of $2.18. If it can sustain this support, there is potential for further recovery towards $2.83 and even $3.5.
Whale Actions and Dormant Wallets Support Fetch.ai’s Path to Recovery
An analysis of on-chain data reveals that a whale withdrew 1.72 million FET ($4.15 million) within just five hours, totaling 13.4 million FET ($24.9 million) over five days for a 49% profit. Additionally, a previously dormant wallet associated with Fetch.ai deposited 5 million FET ($11.2 million) into Binance, despite already holding a vast reserve of 1.12 billion FET ($3 billion).
These actions by whales and dormant wallets suggest that smart money believes in a prolonged recovery trend for the Fetch.ai coin, indicating less possibility for a top formation.
Technical Indicators
- Pivot Levels: Traditional pivot levels on the daily chart suggest that the rising price of Fetch.ai may encounter overhead supply at $2.83 and $3.5.
- Relative Strength Index (RSI): The daily RSI, currently at 91%, is sloping upwards in the overbought region. This indicates that the Fetch.ai price may experience occasional pullbacks to restore the recovery trend.
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