Is Fetch.ai (FET) Vulnerable to Death Cross?
The price of Fetch.ai (FET) is close to a correction due to several factors, including selling by investors.
In addition, the altcoin is vulnerable to a death cross, which could drop FET to $1.7.
Fetch.ai loses potential investors.
Fetch.ai's price, at the time of writing, is on the verge of a decline due to waning support from investors. After adding to the recent rally, the network's growth is down to seven months.
Network growth is used to assess a project's traction in the market, whether it is gaining or losing. This is calculated based on the rate at which new addresses are created on the network. A similar decline suggests that potential investors have little incentive to participate in the network.
This is probably due to excess saturation among FET holders. According to the historical breakeven indicator, over 97% of the supply is currently above the bid price. The remaining 3% is distributed among the investors who suffered losses, i.e. those who bought at high prices.
Read More: How Artificial Intelligence (AI) Will Change Crypto?
Therefore, this indicates a situation where selling or profit taking is a more dominant emotion than HODLing. This is also a threat to the price action as a significant dump could lead to a correction.
FET Price Prediction: $2 is critical support.
The price of Fetch.ai showed a decrease of 12.7% during the week, the altcoin settled at $2.08, close to the $1.96 support. Increasing bearishness in the hands of investors could cause a drop below this support.
In addition, the altcoin is vulnerable to the death cross. A death cross occurs when the short-term 50-day exponential moving average (EMA) crosses below the long-term 200-day EMA, indicating a bearish trend. This could pull the FET to $1.71.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrency in 2024
On the other hand, the $1.96 support has been tested several times recently but has not been broken below. If this level remains unbroken, Fetch.ai's price may bounce back and push FET to $2.26.
A breach of it and a flip to support would allow it to rise to $2.46 and above, thereby invalidating the bearish study.
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 policies and disclaimers have been updated.
