Fetch.AI (FET) Token Catches Attention, ZAYK Charts Highlight a Potential 20-30% Bullish Wave

FET, the native token of Fetch.AI, has caught the attention of traders and analysts alike. ZAYK Charts highlight a potential 20-30% bullish wave following a trendline breakout.

Fetch.AI (FET) has shown signs of recovery after breaking out of a crucial trendline on the 4-hour price action chart, hinting at a potential bullish wave.

According to ZAYK’s analysis, the 4-hour price action chart for FET reveals a critical shift in the market sentiment, as the token price breaks above a downward-sloping trendline that has been defining its recent price movement.

This breakout suggests that FET could be poised for a substantial rally, with targets set around $1.696, marking a potential rise of approximately 26.44% from its current price of $1.339.

A sustained rally above the trendline could start a more extended bullish phase. However, the risk of retracement is still present, as the cryptocurrency market is known for its volatility.

This breakout from the trendline hints at a potential reversal, and a sustained rally above the trendline could start a more extended bullish phase.

However, given the inherently volatile nature of the cryptocurrency market, the possibility of a retracement cannot be discounted.

As we delve into the broader market overview and observe real-time data, CoinMarketCap shows that Fetch.AI’s market capitalization stands at $3.22 billion, accompanied by a 24-hour trading volume of $201.08 million.

This reflects a 7.09% increase in trading activity, indicating some growing interest in the token.

Despite minor price dips over the past 24 hours, the recent price movement between $1.26 and $1.37 over the past week suggests moderate volatility, with FET maintaining a position above the $1.30 mark.

The circulating supply of Fetch.AI is currently 2.44 billion FET, while the total supply matches the circulating amount, a piece of information that traders find crucial to gauge the asset’s liquidity and overall supply-demand dynamics.

A glance at the 1-day chart of FET against Tether (USDT) also reveals a consolidation phase, as the token price is seen trading at $1.313, situated near the middle of its Bollinger Bands range.

The upper band is at $1.479, while the lower band is at $1.058. This positioning of the price around the middle band suggests market indecision, with neither bulls nor bears fully dominating.

The width of the Bollinger Bands also signals higher volatility, and future price movement could either break above the upper band or fall below the lower band, which would likely determine FET’s next trend.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows weak bearish momentum, as the MACD histogram is at -0.080, and the signal line is slightly lower at -0.096, indicating that selling pressure is still present.

However, the shrinking MACD bars suggest that the bearish momentum is weakening, which may precede a bullish reversal.