Investors in Fetch.ai (FET) have been rewarded with the cryptocurrency reaching a new peak price of $3.41 on March 28, 2024. The token’s value continues its upward trajectory, recently hitting a fresh all-time high. Along with the price surge, trading volume has increased, and the futures market perspective supports a bullish trend. The excitement is further fueled by the announcement of the Superintelligence Alliance, which has strengthened investor confidence in the token.
Surge Leads to New Milestones
Before the surge, FET experienced minor fluctuations around $0.5086, setting the stage for a significant 508% increase in under two months. The On-Balance Volume (OBV) indicator corroborates this growth with substantial buying volume. Although a slight decrease in OBV was noted in the past fortnight, the overall buying momentum remains strong, with the Relative Strength Index (RSI) consistently above 50, signifying a sustained uptrend.
Fibonacci retracement levels, calculated from the token’s rally between February and March, highlight critical points for traders. The token’s resilience is evident as it halted its pullback at $2.15, surpassing the 50% retracement level at $1.81, showcasing investors’ robust faith in the ongoing uptrend. The extension levels at $4.74 and $5.74 present potential profit-taking opportunities that may currently be in investors’ sights.
Market Sentiment Leans Bullish
Market analysis indicates a bullish dominance, with minimal pullback and increasing trading volume in the daily charts. Data from Coinalyze reveals that Open Interest and spot Cumulative Volume Delta (CVD) are trending upwards, suggesting that speculators harbor optimistic long-term projections, especially as the token’s price surpassed $2.8 on March 26. This trend is yet another signal of the prevailing bullish sentiment among market participants.