Fetch.ai (FET) Price Could Increase By More Than 40% In The Near Future
The price of Fetch.ai (FET) has broken above the short-term bearish pattern and is in the process of breaking out of a longer-term pattern. It is expected to continue rising in the near future.
Weekly Outlook
The price of Fetch.ai (FET) has been trading within a symmetrical triangle since it bounced up from the long-term support zone at $0.17 (green arrow) in early June 2023. Since this is a neutral pattern, the way the price breaks out of this pattern will determine the next trend.
The FET price is currently in the process of breaking above the triangle and forming a large bullish candle. If successful, it will confirm that the bulls have taken control of the market, and a new uptrend is likely to follow.
The weekly RSI (Relative Strength Index) supports the potential breakout as it surges above the 50 level and slopes upward.
If the upward momentum continues, the FET price could rise to a significant horizontal resistance zone at $0.43, which is 43% higher than the current price.
Ascending Parallel Channel
The daily chart shows that the FET price has broken above an ascending parallel channel formed since early June. Because an ascending parallel channel is considered a bearish pattern, breaking above it is often followed by strong uptrends.
The FET price has successfully turned the channel’s resistance into support yesterday (green arrow), confirming the breakout is valid.
However, the RSI has entered overbought territory, so a minor correction or consolidation might occur before the price continues to rise.
In this case, the FET price is expected to consolidate just above the channel’s resistance at $0.28.
Conclusion
The most likely scenario suggests that FET’s price will continue to rise in the near future. The potential target for this move is found at $0.43.
However, a correction or consolidation might occur before the price continues to rise.
In the event that the FET price breaks below the channel’s resistance, it could drop to the channel’s middle line at $0.24. Nevertheless, this does not invalidate the bullish outlook mentioned above.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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