Fetch.AI (FET) Regains Momentum, Targeting $0.80 Resistance

FET is turning heads as it steadily regains momentum after a strong rebound from the $0.452 level. This key support held firm, allowing bulls to regain control and drive prices higher.

In a rapidly changing technological landscape, staying ahead of the curve is crucial, especially in the dynamic realm of cryptocurrency. With new coins and tokens constantly emerging, it can be overwhelming to keep track of the latest developments.

However, amidst the sea of tokens, a select few manage to capture the attention of traders and investors alike. These coins often have unique features, promising innovations, or a strong community that drives their presence in the crypto sphere.

One such coin that has been making waves recently is Fetch.AI (FET). This coin, known for its focus on decentralized artificial intelligence (AI) and its broad applications in various sectors, has shown signs of a potential turnaround.

After a period of downward pressure, technical analysis suggests that FET might be staging a comeback. Having found support at the $0.452 level, which previously acted as a key resistance zone, the coin’s price has managed to rebound.

As the price edges closer to the 4-hour SMA, breaking above this level could be a decisive factor in determining the next leg of FET’s price movement. A sustained break above the SMA is usually followed by further price expansion in the same direction.

Moreover, an uptick in trading volume has accompanied FET’s price recovery. Higher volume during an uptrend is often a strong indicator of sustained strength, as it reflects increased interest and participation from traders.

Chart: TradingView

Can This Recovery Continue?

However, the coin’s path to a sustained uptrend has seen challenges. The token must maintain momentum and overcome higher resistance levels to confirm a lasting recovery.

But external factors, such as macroeconomic conditions and overall market volatility, may threaten its progress. Despite the coin’s promising technicals, any significant shift in broader market sentiment could influence the direction of FET’s price.

Nevertheless, FET’s ability to rebound from a key support level, coupled with increasing buying pressure, suggests that bulls might be attempting to take control. If momentum continues to build and technical indicators remain in favor of the buyers, then we might see FET breakout of a critical resistance level and continue its recovery.

Onwards From Here

FET’s first major price target lies near the $0.80 psychological level, a key barrier that could trigger profit-taking or accelerate buying pressure. Breaking above this mark is likely to spur a move for FET toward $1.09, where previous price action has shown notable resistance.

On the downside, a failure to clear key resistance levels might trigger a pullback, leading to a potential retracement to crucial support zones. The $0.452 support could serve as a buffer, but if bearish pressure intensifies, a retest to $0.057 is probable, which previously acted as a strong rebound point.