Fetch.ai (FET) has been one of the biggest price winners of the last seven days, with an increase of 35% in the past week. This amazing rally is pushing the altcoin towards the prominent $1 level. Just a week earlier, smart infrastructure analysts had predicted this ambitious target!
Such bullish momentum is being backed by multiple technical indicators and on-chain metrics, though caution lingers. FET’s recent performance is a testament to a promising market sentiment reversal.
Back on April 11, FET had moved over the resistance line of a descending triangle pattern, pointing to a shift in momentum. That breakout started one of the most aggressive bullish runs, creating an ascending channel that took the price from $0.44 to $0.71. The deflationary cryptocurrency has increased by over 10% in the past 24 hours. Even with its huge leap, that puts its total increase for the past seven days at 35%.
Technical analysis reveals a mixed outlook. Additionally, the price of FET has recently retraced below the green line of the Supertrend indicator. This marks a possible loss of momentum from the uptrend in the near term. Analysts are hoping that once confirmed, FET could start moving upward to $1.07, the golden ratio of 0.618. If buying pressure lasts, it may even take the value over $1.50.
Additionally, the 12-day Exponential Moving Average (EMA) has cut across above the 26-day EMA. This change is very bullish narrative friendly and helps to add fuel to the bullish momentum. Daily momentum indicators confirm this change in direction. The Awesome Oscillator (AO) has likewise turned back positive, today at 0.14.
According to IntoTheBlock data, $0.65 is currently FET’s main support level. This particular level would serve as a support against any looming price declines. Nonetheless, in a bearish case there may be a serious correction to as low as $0.35.
As it is, the amount of FET in unrealized losses already is more than the number of FETs that were bought at prices between $0.70-$0.80. On the upside, roughly 1,550 addresses are in profit with over 177 million FET coins on their addresses.
