Fetch AI (FET) price has been in a strong uptrend since mid-August, rising from the low of $0.1870 level. The bullish momentum has returned to FET token since mid-August and the cryptocurrency price has surged approximately 39%.
Fetch AI token is outperforming 97% of the top 100 tokens on the markets. The platform recently went through a season of rebranding and optimizations, which may have restored its glory days.
Recently, the cryptocurrency price broke the major resistance level of $0.2450 and closed above it. The previous candle closed as a bullish candle with a long upper wick indicating that the bears have started to enter the market.
The current candle has not shown any major moves. If the current candle can break the high of the previous candle, it might rise toward the next resistance level of $0.2770. On the other hand, if a candle can break the low of the previous candle, it might fall back below $0.2450 and melt toward $0.22.
The market capitalization of Fetch AI has surged 7.99% to $211,851,828 at the time of writing. The 24-hour trading volume has increased by 117.03%. The price is down 78.16% from the all-time high of $1.19 and up 3042% from the all-time low of $0.00827.
Will FET Token Price Continue Rising?
The upside move has propelled the cryptocurrency price above the 20, 50, 100, and 200-day exponential moving averages, which often acts as a sign of further gains. Chaikin money flow (CMF) score has surged above the 0 mark and currently trades at 0.11 suggesting strength and capital inflow in the market.
The relative strength index has entered into an overbought zone and trades at 72.66 which indicates the possibility of a short-term pullback. The price might consolidate before making any sort of bearish move.
FET price has also crossed above the upper band of Bollinger which suggests the possibility of short-term pullback toward the 20-day simple moving average. The Bollinger bands have also expanded indicating an increase in volatility.
The long short ratio of Fetch AI is 0.97 with 49.44% longs and 50.56% shorts indicating the slightly higher position of sellers in the last 24 hours.
The market structure and price action of Fetch AI have been strongly bullish since mid-August. However, some of the major indicators suggest that there is the possibility of a short-term pullback in the upcoming days.
- Major support: $0.22 and $0.1870
- Major resistance: $0.2770 and $0.3260
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.