Fetch.ai (FET) Price Stuck in No-Man’s-Land: What’s Next?
Fetch.ai (FET) price has been trending sideways and consolidating for over a month.
While the signs of a reversal in price action seem clear, the question is, is it bearish or bearish?
Fetch.ai investors take a step back
The value of Fetch.ai is set to continue the strengthening testimonials it has become attached to. Sometimes the investors reverse the tides of price action, but this may not be the case with FET right now. The reason is that investors are pulling back.
A decrease in network growth indicates that the project is losing market traction. This is measured by the rate at which new addresses are created on the network, which is currently at a two-month low.
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In addition, active investors are avoiding participation in the network. Transactions on the net are decreasing day by day. This means that the pessimism of the market is overshadowing the optimism.
As active addresses decline, so does volatility, making Fetch.ai's value vulnerable to consolidation or decline.
FET Price Forecast: Consolidation will continue
Fetch.ai price traded at $2.54 and failed to breach the resistance marked at $2.85. This level has only been interrupted once in the last 90 days. The situation is expected to remain the same in the future as investor support continues to decline.
The Relative Strength Index (RSI) is currently below the neutral line at 50.0. RSI is a momentum oscillator that measures the speed and volatility of price movements. This indicates whether a security is overbought or oversold, which helps identify trend changes.
The presence of the indicator in the hidden zone is a sign that Fetch.ai has difficulty realizing the price recovery, which is prone to consolidation.
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However, if FET falls below the $2.40 support level or rises above $2.85, it could undermine the neutral thesis, leading to a rally or correction.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
