BlocksInform
The price of Fetch.ai (FET) may be close to the peak of its massive upward move which saw it rise by 410%.
Several articles contributed to the course. On Jan. 13, announced that it was launching FET/USDT futures on Binance, with up to 20x leverage. And on Jan. 16, the Bitrue exchange also listed FET on its futures platform.
Why are prices rising?
Fet has been growing fast since Nov. 22. The increase peaked at $0.28 on January 17, up 410 per cent in 57 days. The Fetch.Ai price has almost reached the primary resistance zone at $0.30, which is the 0.5 fib retracement resistance level of the whole fall. In addition, it is a zone of horizontal resistance, which makes it even more important. Consequently, an above breakout may accelerate the growth rate to $0.50.
The daily warns, however, that the decline is imminent. This is due to the fact that the indicator generated a downward divergence (green line) within the over-exploited territory. These divergences are frequently accompanied by considerable downward movements.
Therefore, most likely look for.The price predictions would be a rejection of the area of resistance followed by a fall.
Wave Count Warns of Incoming Drop
A closer look at the FET token price increase shows that it is in the fifth and final wave of an upward movement (red). Therefore, it might start a trace soon. This corresponds to the measurements of the rsi and the course of the daily period.
Wave 5 has already lengthened waves 1 and 3 together by 2.61 times. Therefore, it is probably approaching its peak, after which a significant retracement is expected.
While the exact values are dependent on where fet dominates, the nearest support levels are probably $0.19 and $0.17, created by the retracement support levels of 0.382 and 0.5 fib, respectively.
As previously stated, a daily closure above the resistance zone of $0.30 would mean that the trend is still upward, and the movement will expand further.
To conclude, despite positive Fetch.Ai news, the most likely price prospects are a rejection at the $0.30 level followed by a move down to $0.19 and $0.17. A daily closure greater than $0.30 would invalidate this downward perspective.
