- FET value declined 8% to support at $0.38
- Today’s selling pressure follows FET/USD breaking out of a pennant pattern.
- Fetch.ai, an AI-based crypto project, is the leading artificial-intelligence-focused venture.
The Fetch.ai token has dropped to the $0.38 support level, as the wider crypto market declines with Bitcoin below $30k and Ethereum falling below $2k.
As per CoinGecko data, the FET price has gone down by more than 8% in the last 24 hours. The technical picture this morning implies that the current support zone might be in danger of breaking.
This could materialize if the bearish pressure intensifies.
FET Price Prediction: Bulls Need to Maintain Gains
Fetch.ai is a blockchain platform powered by AI that strives to accomplish full decentralization for person-to-person transactions. The DeFi project has added fresh crypto trading products to its users, as it incorporates intelligent trading.
The value of Fetch.ai is one of the altcoins that has profited from the AI narrative in crypto in 2023.
The consequent combo of sound can be heard in the FET price chart below, where FET/USD has recently formed a bullish pennant – a technical indicator that usually suggests continuation on the upside.
Fetch.ai daily chart for price prediction. Source: TradingView
But this outlook could be compromised if prices persist in dropping. The primary support is forecasted around $0.34.
FET has also seen the daily RSI move downwards, from near the overbought area. The MACD is still above the signal line and suggests weakness. If the current decline continues, the range of $0.25 to $0.29 will be the key buffer.
If there is more buying pressure for FET, the switch will be in the February In the next few days, a high of $0.60 could be attained. Near-term outlook implies that the area around $0.40 will be the major barrier, prior to an increase of +60% to the mentioned target.
