2024-5-15 22:00 |
Fetch.ai (FET) price is close to noting correction for multiple reasons, including potential selling at the hands of investors.
Furthermore, the altcoin is also susceptible to a death cross, which could pull FET down to $1.7.
Fetch.ai Loses Potential InvestorsFetch.ai’s price, at the time of writing, is close to noting a drawdown owing to the declining support from investors. The network growth has dipped to a seven-month low after spiking during the recent rally.
The network growth is used to assess the traction of a project in the market, whether it is losing or gaining. This is calculated by the rate at which new addresses are formed on the network. A decline in the same suggests that potential investors do not see much incentive to participate in the network.
Fetch.ai Network Growth. Source: SantimentThis is probably due to the saturation of profits among FET holders. According to the Historical Break Even indicator, more than 97% of the supply is presently above the price it bought. The remaining 3% is divided among investors bearing losses, i.e., those who bought at an all-time high price.
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Fetch.ai Break Even Price. Source: IntoTheBlockThus, this presents a scenario where selling or profit-taking is the more dominant sentiment than HODLing. This is also a threat to the price action as massive dumping could lead to a correction.
FET Price Prediction: $2 Is the Crucial SupportFetch.ai’s price has seen a drop of 12.7% in the span of a week, with the altcoin sitting at $2.08, close to the support at $1.96. The increasing bearishness at the hands of investors could cause a drop below this support.
Additionally, the altcoin is vulnerable to a death cross. A death cross occurs when a short-term 50-day Exponential Moving Average (EMA) crosses below a long-term 200-day EMA, indicating a potential bearish trend. This could drag FET down to $1.71.
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Fetch.ai Price Analysis. Source: TradingViewOn the other hand, the support of $1.96 has been tested multiple times recently but has not been broken down below. If this level remains unbroken, Fetch.ai’s price could bounce back, pushing FET to $2.26.
Breaching and flipping it into support would enable a rise to $2.46 and beyond, in effect invalidating the bearish thesis.
The post Fetch.ai (FET) Price Could Witness a Death Cross if This Support Is Lost appeared first on BeInCrypto.
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