Fetch.ai (FET), once a promising player in the AI cryptocurrency space, has recently encountered a roadblock. While other AI-powered tokens like Render (RNDR) have surged, FET has struggled to keep pace, leading to concerns about its future trajectory.
A Decline in Whale Confidence
A notable decline in the number of large FET holders, or whales, has raised eyebrows. The number of wallets holding between 1 million and 10 million FET tokens has decreased, suggesting that some large investors may be reducing their positions. This could potentially impact the token’s price and market sentiment.
Read more :FET’s Bullish Surge: A Deep Dive into the Numbers!
Technical Analysis: A Bearish Outlook
Technical analysis also paints a somewhat bearish picture for FET. The recent price action has formed a bearish pattern, with the short-term EMA crossing below the long-term EMA. This “death cross” formation signals a potential downward trend.
If this bearish trend continues,it could experience a 16% correction, with the $1.18 level serving as the next significant support level. However, if the bulls can regain control, FET may challenge resistance levels at $1.45 and $1.53.
Read more :FET’s Bullish Surge: A Deep Dive!
Conclusion
While FET has shown potential in the past, its recent underperformance and declining whale interest raise concerns about its short-term outlook. Investors should closely monitor the price action and technical indicators to make informed decisions.
Read more :FET’s Bullish Surge: A Deep Dive!
It’s important to note that the cryptocurrency market is highly volatile, and sudden price swings can occur. While FET may experience a temporary setback, its long-term potential remains tied to the broader adoption of AI and blockchain technologies.
