Bitcoin‘s surge has sparked interest in artificial intelligence altcoins, with Fetch.AI (FET) showing signs of growth. The FET coin is demonstrating an upward trend from a critical support level, suggesting a potential rise in value. This movement reflects increased market demand for AI-driven cryptocurrencies.
Why Is FET Gaining Attention?
Fetch.AI is currently valued at $1.378 billion and holds the 64th position in the cryptocurrency market. Despite a 22% decline over the past month due to a market-wide pullback, the daily chart shows a descending channel pattern. This drop pushed FET below $2 and the 200-day Exponential Moving Average (EMA), hinting at a potential death cross.
Presently, FET trades at $1.63, experiencing a daily drop of 4.62% but an 11.64% increase from the previous night. This fluctuation has formed a bullish engulfing candle on the support trend line, raising the possibility of a trend reversal from downward to upward within the descending channel.
What Indicators Suggest Upward Movement?
The Moving Average Convergence Divergence (MACD) indicator and signal lines on the daily chart are gearing up for a bullish crossover, which supports the notion of an upward movement in FET’s price. This technical signal bolsters optimism for investors eyeing potential gains.
Investment Insights
– If the downward trend reverses, FET could rise towards the general resistance trend line, with potential peaks up to $2.5.
– Continuous price reversals could trigger a breakout rally, aiming for previous highs of $3.50 and $5.
– Persistent downward trends may lead to FET falling below $1.50, suggesting caution for investors due to volatility concerns.
Considering these factors, investors should weigh the risks and opportunities in the volatile AI altcoin market.