Fetch.ai (FET) price dips as bears threaten bullish outlook

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  • FET price declined 8% to support near $0.38
  • Today’s selling pressure comes after FET/USD broke higher following a pennant pattern.
  • Fetch.ai is a leading artificial intelligence related crypto project.

Fetch.ai Price Has withdrawn support near $0.38 amid a broader crypto market decline, with bitcoin again below $30k and Ethereum below $2k.

According to data from CoinGecko, FET price was down more than 8% over the past 24-hours on Wednesday morning, with the technical picture indicating a possible downside break below the recent support area.

This may be the case if the bears take advantage of the current weakness to push the price lower.

FET Price Prediction: Bulls need to hold on to gains

Fetch.ai is an artificial intelligence-powered blockchain platform that seeks to enable complete decentralization of peer-to-peer transactions. The platform has announced new crypto trading products for DeFi users as the ecosystem embraces the benefits of artificial intelligence in trading.

Fetch.ai’s price has been one of altcoins to benefit from the surrounding sentiment oh In crypto fiction in 2023.

As can be seen on the Fetch.ai price chart below, FET/USD has recently formed a bullish flag – a technical indicator that usually suggests continuation to the upside.

Fetch.ai Price Prediction Daily Chart. Source: trading view

But this outlook could be under threat if the price declines further, with the primary support expected near $0.34.

The daily RSI also flipped down from near the oversold zone in FET, while the MACD remains above the signal line but suggesting weakness. If the bears take control, the recent consolidation area between $0.25 and $0.29 will provide a significant buffer if the weakness in the market continues.

On the upside, if FET builds up more buying pressure, a rally to the February high of $0.60 could be possible in coming days. The immediate outlook suggests that the area around $0.40 should offer key resistance before a breakout of +60% to the above target.

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