As Bitcoin holds the $59K mark, the minor stability in the broader market puts the AI token on a bullish path. Despite last week’s failed attempt, the FET price regained bullish momentum and is expected to continue with an uptrend next month. Will the uptrend in Fetch.AI surpass $1.50?
FET Price Performance
With a bullish failure to sustain the Falling Channel breakout rally, the FET price takes a bearish reversal from the 200-day EMA. The bearish turnaround accounts for four consecutive bearish candles and declines the market cap of the AI token by 17.62%.
However, the bullish dominance at the 23.60% Fibonacci level in confluence with the 50-day EMA holds the downfall. The FET price took a bullish reversal with a 6.50% jump yesterday but failed to sustain the momentum.
Currently, the FET price shows a 1.14% intraday pullback and is currently trading at $1.1824. The ongoing brawl at the 23.60% Fibonacci level, 50-day EMA, and the broken trend line represent the crossroads at which FET is stuck.
Technical indicators:
RSI: The daily RSI line shows a bullish trend in motion, but the recent pullback from the overbought boundary tests the 14-day SMA line. The overall sentiment remains bullish while maintaining a position above the halfway line at 55%.
EMA: The daily exponential average lines 50-day and 200-day EMA enter a sideways trend after the recent death cross, leading to a potential consolidation range between the two dynamic average lines.
Will FET Price Hit $1.55?
A bullish breakout of any of the average lines will determine the upcoming trend in FET’s AI. A bullish breakout of the 38.20% Fibonacci level at $1.55 can put the $1.88 and $2.20 or the 50% and 61.80% levels as potential bullish targets.
On the flip side, a bearish breakdown continuation under the $1.15 mark will test the $1.001 psychological mark and the $0.80 support level.
The post appeared first on Coinpedia
