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Fetch.ai (FET) Analysis: What’s Next for Price After All-Time High?

2 mins
Updated by Ryan James
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In Brief

  • Fetch.ai price marked a new all-time high over the weekend and is now likely looking to consolidate.
  • The market top was validated with the recent correction. However, 93% of the supply in profit is still susceptible to selling.
  • Declining network growth suggests waning investor interest, indicating bearish momentum ahead.
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Fetch.ai (FET) price is continuing its bullish streak even though the rest of the crypto market is cooling down from the February and March rallies.

Will this lead to corrections for FET, or will the altcoin be able to note another all-time high?

Fetch.ai Could Lose Support From Its Investors

After a remarkable rise, Fetch.ai’s price is noting some drawdown until the market cools down. This was an expected decline since nearly 98% of the entire circulating supply was sitting in profits.

Whenever more than 95% of the supply witnesses profits, a market top is formed. Market top refers to the peak of a market cycle, indicating a potential reversal or correction in the near future. This was validated by the recent correction. However, since 93% of the entire supply is still in profit, it could potentially induce profit-taking.

Fetch.ai Profit in Supply.
Fetch.ai Profit in Supply. Source: Santiment

The altcoin would bear the consequence as the price would decline following selling from investors.

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Secondly, the project is losing traction in the market, as evidenced by network growth. The network growth refers to the addition of new addresses, which, when it takes a dip, suggests investors are refraining from investing their money in the asset.

Fetch.ai Network Growth.
Fetch.ai Network Growth. Source: Santiment

Thus, Fetch.ai price would witness some bearish momentum, resulting in a potential decline in price.

FET Price Prediction: Consolidation or Decline?

Fetch.ai’s price is close to losing the psychological support of $2.9 after having lost the 50-day Exponential Moving Average (EMA). If the aforementioned factors are weighed in, the likely outcome for FET could be a decline to $2.4, given it has been previously tested multiple times as support.

FET/USDT 1-day chart.
FET/USDT 1-day chart. Source: TradingView

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However, if Fetch.ai’s price can sustain above the $2.9 support, it would have a shot at reigniting the bullish flame. This will result in the invalidation of the bearish thesis if the 50-day EMA is flipped into support, enabling a rise to $3 and beyond to chart a new all-time high.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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