Fetch AI Breakout Confirmed: Analysts Reveal Bullish Targets For FET Price

Scott Matherson

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Fetch AI (FET) has been riding the bullish artificial intelligence (AI) narrative following Sam Altman being ousted from OpenAI. Its native FET token has seen an impressive move upward since then, maintaining its bullish headwinds at the same time. But even after the altcoin has grown so much, crypto analysts are convinced that the coin is only at its starting level, and will continue to rise.

Analyst Who Called FET Initial Rise Is Back Again

Crypto analyst Tony The Bull, Founder of CoinChartist, was one of the most vocal voices for buying FET when the price fell to $0.09 back in 2022. The coin has since risen more than 5x from this level but even this has not deterred the analyst, who believes that there is more to come.

In a recent analysis, Tony presented the reasoning behind why he is still bullish on the FET price. The analyst had previously expected a retracement. But from the current level, expect the price to increase once more.

The chart shows an initial bounce above the $2.5 mark before a retracement that takes it back down to around $0.55. Then from here, there is another bounce upward to over $4 once more. If this plays out as expected, then the FET price could be looking toward multiple bounces of over 500% from here.

Updated plan pic.twitter.com/pkfhHBQxCC

— Tony “The Bull” (@tonythebullBTC) November 20, 2023

Fetch AI On Bulls’ Radar

In the same vein as Tony The Bull, another crypto analyst has predicted that the price of FET is headed for more rallies. The analyst who goes by TradingShot posted the analysis on TradingView where they revealed their target for the price.

Similar to Tony’s first target, TradingShot expects a rally that will bring the price above $2. The analyst identified a Golden Cross on the 1-day (1D) chart, noting that this is the fourth bullish pattern that has shown up in the FET long-term channel.

Source: Tradingview.com

According to the crypto analyst, whenever such a bullish pattern emerged, the price had already started moving up. But actually, it is just the beginning as the main rally often happens after this 1D Golden Cross on the price chart is noted.

“The 1D RSI’s similarities of the November 2020 – February 2021 Bullish Megaphone are a testament that we are on a similar pattern, which then peaked just below the 1.5 Fibonacci extension. As a result, we remain buyers on FET, targeting 1.8000,” TradingShot said.

FET is currently in a downtrend after a tremendous run. According to data from CoinMarketCap, the altcoin’s price is sitting at $0.5 after falling 11.62% in the last 24 hours.

FET price sitting above $0.5 | Source: FETUSDT on Tradingview.com

Featured image from DailyFX, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.