After a cryptic tweet from Injective hinted at a potential partnership with Fetch.ai, the price of Fetch.ai (FET) experienced a remarkable surge, climbing over 45% this week. This sudden rally has left sellers scrambling and key metrics pointing towards a possible trend reversal. The FET token rebounded sharply from its demand zone of $1.10, forming a bullish engulfing candlestick and soaring over 50%. Currently trading at $1.64 with a 16.36% intraday surge, the token's performance has caught the attention of analysts who are optimistic about its future. Could Fetch.ai reach the $2 mark by the end of the month?
Fetch.ai Price Surge and Market Dynamics
The Fetch.ai price witnessed a solid comeback and soared over 45% this week. Sellers have looked trapped, and the key metrics have revealed signs of a trend reversal.
After a recent cryptic Tweet from Injective, which could indicate an upcoming partnership between Fetch.ai and Injective, the Fetch.ai price has witnessed a quick rally. The Fetch.ai (FET) price revealed a sharp pullback and reverted from its demand zone of $1.10. This week, the FET token has made a bullish engulfing candlestick at the bottom and rebounded over 50%, conveying buyer accumulation.
At press time, the FET price traded at $1.64 with an intraday surge of 16.36%, reflecting buying momentum on the charts. It has a monthly return ratio of -28.90% and 622.30% yearly, reflecting neutrality. The pair of FET/BTC is at 0.0000270 BTC, and the market cap is $4.24 Billion. Analysts are bullish and suggest that the FET price may surpass the 200-day EMA mark and will stretch the gains ahead.
Could Fetch.ai (FET) Fetch a $2 Mark by the End of This Month?
With the fast-growing AI technology, most AI crypto assets have outperformed the market, and Fetch.ai (FET) surged over 50% this week. For the past few weeks, the token price was in a closed range and witnessed a breakdown, which led to approach the $1.10 mark. From there, a notable buying activity was seen, and the token reclaimed the 200-day EMA in the intraday session.
Meanwhile, the buyers are looking to stretch the pullback wave and are eyeing to retain the $2 mark. The bear army looked trapped and had covered their short positions, leading to a bounce from the bottom. The price action signifies a recovery followed by a base formation around $1.10. The FET token is set to revisit the $2 mark and might deliver further short covering swing ahead.
Its trading volume sharply spiked over 173% to $393.73 Million, revealing the intense investor speculation activity in the last 24 hours. Meanwhile, signs of trend reversal were spotted, and the buyers began accumulating the FET token. This week, the FET token has trapped the bear cartel at the bottom, and buyers have shown dominance.
Technical Indicators and Market Sentiment
The Momentum Indicator (RSI) curve spiked from the bottom zone and was eyeing to cross the midline region, witnessing a positive crossover on the charts. Per the Fibo levels, the FET price has rebounded from its 23.6% level and will likely reclaim the 38.2% zone near the $2 mark.
Sharp Up Move in Price Volatility and Weighted Sentiment Data
The price volatility curve spiked over 65% to the 0.077 mark, highlighting the sharp speculative buying activity in the past trading hours. Similarly, the investors looked confident about making fresh long positions in the FET token, which improved sentiment among its holders.
Fetch.ai Witnessed a Surge In Popularity
The Fetch.ai token witnessed a massive spike in the social dominance value, which soared over 78% to 1.019%, hinting at the incremental move in the user’s engagement on social media platforms. Meanwhile, the development activity revealed a decline of over 34% and dropped to 1.83 mark, revealing a slight hawkish outlook.
A post on the X platform highlighted that the FET price has reverted from its bottom support zone of $1.10.
$FET confirmed a reversal then a bottom on daily pic.twitter.com/qCZhku9nBx— Don't follow Shardi B if you hate Crypto (@ShardiB2) June 25, 2024
The immediate support levels for the FET token are $1.30 and $1.10, whereas the key upside hurdle is around $1.90, followed by $2.70.
Will FET Display Short Covering Rally Ahead?
The FET token price retested the 200-day EMA mark and is trying to overcome the hurdle, and if it happens, the token may retain the $2 mark soon. Meanwhile, signs of trend reversal were noted, and sellers looked trapped on the charts.
Market Sentiment and Future Projections
The recent surge in Fetch.ai's price has been driven by a combination of technical factors and market sentiment. The bullish engulfing candlestick pattern at the bottom indicates strong buyer interest, and the sharp increase in trading volume suggests that investors are speculating on further gains.
The RSI curve's positive crossover and the price's rebound from the 23.6% Fibonacci level are additional indicators of a potential upward trend. If the FET token can reclaim the 38.2% Fibonacci level near the $2 mark, it could signal a continuation of the bullish trend.
Social Media and Development Activity
The spike in social dominance value indicates that Fetch.ai is gaining attention on social media platforms, which can drive further interest and investment in the token. However, the decline in development activity suggests that there may be some concerns about the project's long-term prospects.
Key Support and Resistance Levels
The immediate support levels for the FET token are $1.30 and $1.10, while the key resistance levels are around $1.90 and $2.70. If the token can break through these resistance levels, it could see further gains in the coming weeks.
Conclusion
The recent rally in Fetch.ai's price has been driven by a combination of technical factors, market sentiment, and speculation about a potential partnership with Injective. While the token has shown strong performance in the short term, investors should be cautious and consider the potential risks before making any investment decisions.
The key support and resistance levels, along with the technical indicators and market sentiment, will be crucial in determining the token's future price movements. If the FET token can maintain its upward momentum and break through the key resistance levels, it could reach the $2 mark by the end of the month.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
