There is growing anticipation surrounding Fetch.AI (FET) as it approaches a possible breakout that could lead to a 20-30% surge. Currently priced at $1.33, FET has experienced a minor 1.19% decrease in the last 24 hours.
Despite this slight dip, indicators point to an imminent bullish momentum. Will Fetch.AI fulfill these predictions and embark on a significant rally?
Anticipating a Breakout Beyond $1.38
At present, FET’s price is moving within a descending channel, with $1.38 acting as the crucial barrier for a positive breakout.
If FET manages to surpass this level, there is a likelihood of a push towards $1.60, marking the expected 20-30% increase.
Previous price trends demonstrate that Fetch.AI has successfully navigated similar scenarios before. However, sustained trading volume and bullish sentiment are vital to validate this scenario and attract more investor attention.
Growing Engagement in On-Chain Activity
The Fetch.AI network is witnessing a surge in on-chain activity, with a 47.36% rise in new addresses and a 12.46% increase in active addresses over the past week.
These significant figures showcase a heightened interest in Fetch.AI and a broader adoption within its network.
This uptick in activity indicates a sense of confidence among traders, often a precursor to notable price movements.
Market Sentiment Reflected in Exchange Reserves
The number of FET held in exchange reserves has slightly increased by 0.12% to 471.4 million, indicating a cautious approach by traders in keeping their coins on exchanges.
A potential decrease in reserves could signify accumulation activities, potentially leading to upward pressure on prices.
Monitoring this metric closely is essential to detect shifts in sentiment and identify possible bullish signals.
Technical Indicators Hint at Potential Momentum
Fetch.AI’s technical indicators present a nuanced outlook. While the moving average (MA) intersection suggests a positive trajectory, the Average Directional Index (ADX) score of 15.76 indicates a weak trend strength, necessitating confirmation from price movements and trading volume.
Traders are eagerly awaiting more robust signals to guide their decision-making.
Liquidations Could Propel Bullish Sentiment
Data on liquidations reveals $13K in shorts liquidated compared to $1.56K in long positions, underscoring a bearish dominance in the short term.
Nonetheless, a breakout above the $1.38 barrier might trigger substantial short liquidations, potentially sparking a sharp uptick in prices. Such a scenario could bolster positive sentiment and generate significant upward momentum.
With all the pieces in place, Fetch.AI appears primed for a 20-30% surge if it breaches the $1.38 obstacle.
Heightened network activity, promising technical signals, and possible liquidation events point towards a strong bullish setup for Fetch.AI. As a result, FET seems well-positioned to meet the expectations of an impending rally.