The price of Fetch.ai (FET) cryptocurrency experienced an approximate 25% increase yesterday, reaching a new annual peak at $0.62 today, but then it underwent a slight decline. Despite the price retraction, it managed to stay above a significant horizontal area.
The price of the popular altcoin FET started to rise after it fell to the $0.16 level on August 17th. The price established a lower level in October and accelerated its increase. Since then, there has been no significant drop in its price. Although the uptrend paused at the beginning of December, the altcoin showed a significant increase yesterday, reaching its annual high.
Despite reaching high levels, it later fell below $0.60. Investors can use the RSI as a momentum indicator to determine whether the market is overbought or oversold and make decisions about accumulating or selling the token. If the RSI value is above 50 and the trend is upward, the bulls gain an advantage; however, if the value is below 50, the opposite is true.
In December, the RSI initially formed a downward trend and then experienced a minor decline. The increase in price along with a decrease in momentum could initiate a downward trend. This led to the retesting and acceptance of an important horizontal resistance area as support. Afterwards, the price surged after the RSI formed a hidden bullish divergence.
Currently, the relative strength index is above the 50 level. Cryptocurrency analysts and experts are optimistic about the future. Cryptocurrency analyst Crypto Tony suggests that the bullish movement has just begun and there is still time to enter the trade. DavidOnCrypto recorded the new annual high and suggests that the price could rise to the next resistance level of $1.