- FET prices drop 8% to support near $0.38
- Today’s selling pressure comes after the FET/USD rises after a pennant pattern.
- Fetch.ai is a leading artificial intelligence related crypto project.
Fetch.ai price has returned to support close to $0.38 amid the broader crypto market decline, with Bitcoin falling below $30,000 again and Ethereum below $2,000.
Data from CoinGecko showed FET prices were down more than 8% in the last 24 hours on Wednesday morning, with technical images suggesting a possible breakdown into the recent support zone.
This could be the case if the bears take advantage of the current weakness to push prices lower.
FET Price Prediction: Bulls Need to Maintain Rise
Fetch.ai is an artificial intelligence-powered blockchain platform that enables complete decentralization of peer-to-peer transactions. The platform has launched a new crypto trading product for DeFi users as the ecosystem embraces the benefits of artificial intelligence in trading.
Fetch.ai price is one of the altcoins to benefit from the sentiment around AI in the 2023 crypto narrative.
FET/USD recently formed a bullish pennant as seen in the Fetch.ai price chart below. This is a technical indicator that usually suggests a continuation to the upside.
However, this outlook could be jeopardized if the price falls further, with key support expected near $0.34.
FET’s daily RSI has reversed downwards from near the oversold region, while the MACD remains above its signal line, suggesting weakness. If the bears take the lead, the recent correction zone between $0.25 and $0.29 will provide an important buffer if market weakness continues.
On the positive side, if FET buying pressure builds up, a reversal to February highs of $0.60 is possible in the coming days. In the near term, the $0.40 area should be the main resistance, after which the aforementioned target should be breached by 60%.