FET On Fire With 27% Rally, Analysts See Bigger Gains Ahead

Christian Encila

Last Updated: September 12, 2024 2:00 pm

3 mins read

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FET has been drawing the attention of crypto investors with signals of a looming upswing. Pointing at important technical signs that suggest a positive breakout, analysts are more hopeful about the near-term potential of the coin. Fetch.ai’s success has been rather constant in spite of market uncertainty.

Cryptorphic, a well-known crypto analyst, drew attention to the recent surge of Fetch.ai, saying FET has gone up 66% since his previous analysis. This surge was inspired by a hidden divergence in the RSI, which has given more fuel for the token to continue higher. He said that if FET could overcome the resistance level around $1.35, then further upside would be seen, with the price reaching as high as $3-$4.

#FET Price Update & Technical Analysis in a Weekly Timeframe

FET has gained 66% since our previous post and it is currently facing 21 EMA resistance at $1.35.

The hidden divergence in the RSI has played out well, and bullish momentum remains strong. Once FET breaks above this… https://t.co/AnbfgQeNA4 pic.twitter.com/5pgYsdSQ5x

— Cryptorphic (@Cryptorphic1) September 11, 2024

At the time of writing, FET was trading at $1.42, up 7.7% in the last 24 hours, and sustained a 27% rally in the last week, data from Coingecko shows.

FET Price Forecast And Near-Term Potential

The latest price prediction from CoinCodex, which shows Fetch.ai might increase 14.37% and reach as high as $1.549 by mid-October, supports this prognosis. It does appear very consistent with the general outlook of analysts, who feel this is the right climate for the token. Although the Fear & Greed Index is reading 31, which suggests fear, Fetch.ai has still had some pretty strong momentum, posting green days 53% of the time during the last month.

Another cryptocurrency researcher, Nebraskangooner, revealed on the FET price chart a significant inverse head-and- shoulders pattern. Usually seen as a positive indication, this pattern could reverse the trend should the token break through the neckline. Nebraskangooner said this might result in great upside, with FET reaching new highs should the pattern follow the expected trajectory.

$FET (per request)

Massive inverse head and shoulders formation here.

Needs to break neckline but would have nice upside potential if able to. pic.twitter.com/orFdMKy01u

— Nebraskangooner (@Nebraskangooner) September 10, 2024

Investors Watch Key Resistance Levels

With the coin approaching critical resistances, traders and investors are closely watching the token. The level of $1.35 will, therefore, be an important one to watch, given the possibility of a breakout above this level to trigger buy pressures that could lead to further institutional interest.

FET market cap currently at $3.58 billion. Chart: TradingView

Supported by strong technical performance, Fetch.ai shows quite dramatic price fluctuations with 15.53% volatility in the previous 30 days. FET’s ability to maintain its ascent and the forecasts from CoinCodex and analysts like Cryptorphic and Nebraskooner helped build a lot of hope in its future development. Though market worry exists, general opinion of Fetch.ai is positive.

A Good Investment Opportunity?

With everything working in its favor, now may be the time to invest in Fetch.ai. From the bullish RSI divergence and strong technical patterns to almost consistent green days, the case is admittedly very tempting for any investor looking to make a kill from short-run gains. The potential for long-term growth is still on, with price targets between $10 and $12 if the bullish trend sustains itself.

The next few days will be crucial for the future of Fetch.ai as it attempts to break key resistance points upwards. A token breakout could lead to a price rally that may very easily push Fetch.ai to new highs, making it one of the top performers in the market. Investors are carefully watching, ready to reap the rewards if Fetch.ai keeps going up.

(Fetch.ai, Ocean Protocol, and SingularityNET unite to form Artificial Superintelligence through a token merger and continue to trade under $FET token — CoinGecko).

Featured image from Islam-Peace, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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