A prominent crypto analyst has suggested that Fetch.ai (FET), an AI-based altcoin, could soon reach all-time highs if it overcomes a major resistance level on the monthly chart. The analyst, Rekt Capital, indicated that FET’s stability at local support levels and its challenge to the final major resistance could lead to a price discovery phase.
FET closed at $0.204 on October 19, 2023, and has since seen a significant increase, trading around $0.730 at the time of reporting. Fetch.ai aims to automate supply chain logistics and record-keeping for individuals or organizations through its blockchain-based AI platform. In November 2021, FET reached its all-time daily high of $1.17.
The analyst also mentioned Ethereum (ETH), predicting a potential upward movement if it maintains support at the $2,274 level. A successful retest of this support could lead to a 22% increase. At the time of writing, ETH had gained over 2% in the last 24 hours, trading at $2,266.
Rekt Capital forecasts that while Fetch.ai has the potential to soar to historic peaks, Ethereum also exhibits a strong possibility for a bullish trend if it continues to hold key support levels.
Investors are keeping a close eye on these developments, as both FET and ETH show signs of significant upward trajectories based on the analyst’s insights.
