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Fetch.ai fell to the $0.45 support level early on Thursday. Native FET prices are trending downward, reflecting the broader crypto market.
In fact, while Fetch.ai price printed a double-digit green candle on Monday, the value of the artificial intelligence (AI)-related token is currently testing support near $0.45, with a loss for the day at About 5%.
However, the AI narrative is still trending strongly, and as we have witnessed in the past few weeks, the FET could pick up momentum and record new gains. shows that it remains 70% higher at .
AI-related tokens have outperformed the market in recent weeks. Especially after global tech giants Microsoft and Google poured resources into the sector against the backdrop of massive hype around OpenAI’s Chat GPT.
Fetch.ai price on daily chart. sauce: TradingView
But has the story run out of steam? According to cryptocurrency trader and analyst Cantering Clarke, that is unlikely.Specifically, analyst To tell AI continues to be one of the hottest trends in the market, so FET may still be showing renewed momentum.
I don’t know if the AI has completely stopped running.$FET It doesn’t look like a distribution, but at the very least it seems poised for another leg towards the highs.
For me personally, the AI is the most compelling of all the stories. pic.twitter.com/LMShfQR3Nj
Clark (@CanteringClark) March 1, 2023
As shown in the chart above, FET has scored a breakout from the triangle pattern on the daily chart. Nevertheless, the bulls hit a hurdle just above $0.48.While there is a possible distribution move, another analyst, he said, also Altcoin Sherpa I think An uptrend is the more likely trajectory.
$FET: Doesn’t look much like a distribution to me.Maybe this will lift the leg $BTC nice playing… pic.twitter.com/TGo3fyMiTi
Altcoin Sherpa (@AltcoinSherpa) March 1, 2023
Data shows that more than 96% of FET holders are profitable after the recent surge as more people consider buying FETs.Having so many profitable addresses can be involved in potentially profitable transactions, but the money in/out metric IntoTheBlock also shows that nearly 99% are long-term holders.
Only 1% of FETs are held by hands that bought tokens in the last 1-12 months.
In fact, the on-chain analytics platform Santiment also share There has been a recent spike in data showing whale activity on Fetch.ai.
#Cardano, #Makerand #fetch 2023 had its shining moments. $FET In particular, it has increased fivefold since January 1st. However, there is a sharp increase in whale activity, especially in these three assets of his, and large fluctuations can be expected from here. https://t.co/aLMD7PMdZ1 pic.twitter.com/LTjrHdfTWy
Santiment (@santimentfeed) March 2, 2023
On the downside, if the overall market sentiment turns negative, the bears could target the near-term demand zone around $0.38 and even go as high as $0.29.
