Fetch.AI abbreviated as FET is a token released by a Cambridge based artificial intelligence lab, which bring the AI based machines economy to life utilizing different algorithms. It started in 2017 while the mainnet was released in December 2019.
The purpose of this token is to be used as the value on Fetch.Al network. It is based on Ethereum blockchain.
The coin has been popular among trading communities. FET has been listed on all major platforms listing such as Binance, Kucoin, crypto.com, etc.
At the time of writing, according to coinmarketcap, FET is being traded at the rate of $0.518 with a decrease of 0.80% in the last 24 hours according to statistics. Besides, it has been recorded that trading volume has decreased with almost 11.80% leaving the total volume at $39,245,274.
FET is being considered as an awesome long-term investment ranging from 1 year to several according to crypto enthusiasts. With a 5-year investment plan, the revenue is expected to touch +280%.
FET Technical Analysis
FET reached its all-time high on 31 March 2021 reaching a value of $0.87871, from where a drop has been noticed all the way down to $0.15937. In these recent three months from 31 March 2021 to 22 June 2021, the market has been in a bearish trend by following the structures of Lower lows and Lower highs.
Almost all the coins had been consolidating in a range from 23 may to 9 August and afterwards the market had broken the consolidation putting us in a new trend. The level of $0.43726 was the structural point which got broken, so it can be expected that the market has shifted from a bearish to a bullish trend.
Current Support and Resistance
The nearest resistances are $0.58598 and $0.68985 from where the market can show a pull back before continuing upwards following the wave patterns.
Talking about the nearest supports, the levels of $0.43962 and $0.35935 are worth watching and can be considered as the points from where the pullbacks might get over as they are in line with fibo levels of 0.50 and 0.618. Supports can be used to enter longs.
Summarizing it, the market is in a bullish trend at the moment, and buyers are in control, although the market has progressed rapidly to the upside, a pullback should be expected for it to breathe in order for it to rally more upside. Entries can be looked at by having additional confirmations.
