Fetch.ai (FET) Price Prediction 2024: Can FET Recover From the Recent Market Downturn?

The price of Fetch.ai (FET) has recently experienced a sharp decline, dropping over 40% in the past month and another 20% in the last week. This

The price of Fetch.ai (FET) has been on a downward spiral, experiencing a sharp decline of over 40% in the past month and a further 20% drop in the last week. This significant downturn comes as a part of a broader trend of weakness among artificial intelligence (AI) tokens, which have faced selling pressure as the market sentiment turned increasingly bearish.

FET's price correction highlights the uncertainty and volatility within the crypto market, especially for tokens related to emerging technologies like AI. The price movements and shifts in investor sentiment can drastically impact the value of these tokens over short periods.

Tracking whale activity is crucial in understanding the price trend of FET, as their large positions can significantly impact the market. The recent mixed signals from whales have led to increased uncertainty about whether the market is nearing a bottom or if the selling pressure will continue to push FET lower.

Despite the decline, the market is still uncertain about the future of FET, as larger investors could be positioning themselves for a potential rebound, while mid-sized holders seem to be moving away from the asset.

Further analysis of the FET market shows a strengthening bearish trend. The Directional Movement Index (DMI) for FET has risen sharply, indicating that the current downtrend is becoming stronger. The DMI is currently at 49.4, nearly double from two days ago, signaling that the strength of the ongoing bearish trend is intensifying.

The +DI, which measures the strength of buyers, has fallen from 14.5 to 5.7, while the -DI, which tracks sellers, surged from 19.6 to 37.3, reinforcing the notion that sellers are firmly in control. Unless the +DI begins to rise, indicating a reversal of momentum, FET could continue its downward trajectory.

The price of FET is currently facing strong support levels, with key areas to watch being $0.69 and $0.59. A breakdown below these support levels could lead to a further price decline, potentially pushing FET below $0.50 for the first time since December 2023.

Such a drop would be significant, as it would mark a new low for the token, potentially affecting its standing in the AI crypto market. However, the situation is not entirely bleak for FET, as the price could still see a recovery if the momentum shifts.

If the selling pressure eases and momentum reverses, FET could test resistance levels at $0.94, with the potential for a breakout above this level. A successful breakout could see the price target $1.11 and potentially as high as $1.34, bringing it back to levels seen earlier in 2024. However, the market remains highly uncertain, and without a shift in sentiment, FET may struggle to break free from its current downtrend.