Fetch.ai (FET/USD): Bulls Are Taking Over the Market
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
In the recent general bear market across the cryptocurrency markets, Fetch.ai showed remarkable resilience as bulls were able to form a strong demand line at $0.183, and by bouncing back at this level, the market has reserved about 30% of the early-year bull market.
Fetch.ai Market Data
- FET/USD Price Now: $0.242
- FET/USD Market Cap: $200,902,520
- FET/USD Circulating Supply: 821,220,899 FET
- FET/USD Total Supply: 1,152,997,575
- FET/USD CoinMarketCap Ranking: #134
Key Levels
- Resistance: $0.30, $0.40, and $0.50
- Support: $0.10, $0.09, and $0.08.
Price Prediction for Fetch.ai: The Indicators’ Point of View
While some markets fell back to the starting point of their bull market for this year, which is their bull’s last line of defense, the Fetch.ai market pegged the progress of the bear market at $0.183. So from June 10 to June 19, the market sold along this horizontal price level. Buyers were just not willing to buy below this price level.
Currently, the market has broken out to the upside; it is now above the 20-day moving average. Also, the Moving Average Convergence and Divergence (MACD) indicator is now showing a bullish crossover of its two lines. The lines rally toward level zero, ready to cross out of the negative zone.
FET/USD 4-Hour Chart Outlook
From this standpoint, we notice that as investors’ interest rises in the Fetch.ai bull market and the market approaches the $0.250 price level, bears begin to gain strength. This could be the result of some short-term traders taking profit at a comfortable price target.
Also, the Relative Strength Index might be a contributing factor, as it portrays the market well into overbought territory. However, if the force behind the bull market is strong enough, the uptrend may continue.
