Fetch.ai (FET) Price Update: Is a Correction Looming?
Fetch.ai’s price continues to surge even as the broader crypto market cools off from recent highs. Will this bullish trend lead to a correction or propel FET to a new all-time high?
Fetch.ai Facing Potential Loss of Investor Support
- After a significant uptrend, Fetch.ai is experiencing a pullback as the market calms down, with nearly 98% of its circulating supply in profit.
- Market dynamics indicate that when over 95% of the supply is profitable, a market top is reached, potentially signaling a reversal or correction.
- With 93% of the supply still in profit, profit-taking actions could trigger a downturn in Fetch.ai’s price as investors sell off.
Market Traction Decline
- Fetch.ai is also witnessing a drop in network growth, indicating a decline in investor interest and confidence in the project.
- Reduced network growth suggests a lack of new addresses being created, which could impact the coin’s price negatively.
FET Price Forecast: Consolidation or Downtrend?
- Fetch.ai’s price is close to breaking a crucial support level of $2.9, having already slipped below the 50-day Exponential Moving Average (EMA).
- If current trends persist, FET might see a decline to $2.4, a level that has previously acted as a strong support zone.
- Alternatively, maintaining support above $2.9 could fuel a renewed bullish momentum, possibly leading to a new all-time high if the 50-day EMA turns into a support level.
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