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Analysis

Is Fetch.ai (FET) On The Cusp Of Another Mega Bull Run To 2021 Highs?

A crypto trader took to X on November 15, predicting that FET, the native currency of Fetch.ai, an AI-centric platform, could be aligning itself for a “green path,” resuming the uptrend of the past few weeks.

The analyst, @rektcapital, believes the recent price action on the weekly chart points to strength. Moreover, the possibility of FET bulls flowing back and driving prices above the immediate resistance level registered in early November remains elevated at spot rates.

FET Remains Bullish, Up 770% From 2022 Lows

Looking at the candlestick arrangement in the weekly chart, FET buyers have had the upper hand. To quantify, the coin is up 140% from July 2023 lows and may be preparing for even more upsides if prices break above $0.46 recorded in the first week of November. As it is, FET is up by over 770% from December 2022 lows when the coin plunged to as low as $0.0570.

Related Reading: If Your Bitcoin Wallet Is A Product Of The 2016 Technology, You Could Be In Trouble – Here’s Why

From technical analysis, FET recovered from around $0.17, representing the 78.6% Fibonacci retracement level of the trading range established in the first half of 2023. FET prices may rise, building on the bullish engulfing bars of late October and early November 2023, breaking above $0.46. This expansion, in turn, may create the base for the next leg up to $0.60, marking 2023 highs.

Despite the current rally, whether FET prices will find the momentum to retest 2021 highs of $1.20 is still unclear. Even so, as FET expands, there is a notable change in participation levels, looking at trading volume, between 2023 and 2021.

Prices might be down 65% from the September 2021 peak, but associated trading volume is higher, suggesting more support. If trading volume is a leading indicator, it is highly likely that even if FET moves in a green path as @rektcapital predicts, the odds of the coin retesting 2023 and 2021 highs will be high and the uptrend possibly rapid.

Fetch.ai Building, Dominates Social Media Activity

In October, Fetch.ai launched DeltaV, an open platform allowing users to interact with Fetch.ai agents and services naturally and intuitively. With this solution, developers hope users will further explore the blockchain, utilizing its capabilities.

Related Reading: Bitcoin Bearish Signal: Exchange Inflows Hit $1.2 Billion In Past Month

At the same time, Fetch.ai emerged as the leading crypto AI project by social media activity. With over 1,700 posts and over 409,000 interactions as of November 15, the platform is more popular than The Graph (GRT) and the Ocean Protocol (OCEAN).

Feature image from Canva, chart from TradingView

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