Fetch.AI (FET) Prints Strong Bullish Signal, Targets 500% Spike
19 Febbraio 2024 - 8:00PM
NEWSBTC
In a new technical analysis, renowned crypto analyst Gert van Lagen
forecasts a 500% surge in the value of Fetch.AI (FET), with a price
target of $5.5. This bold prediction comes as the AI-centric
cryptocurrency coin, FET, records a 12% increase over the past 24
hours and an impressive 45% gain over the last week. Currently
trading with a momentum that correlates with the buzz around AI
technology giant Nvidia, Fetch.AI is riding the wave of heightened
interest as Nvidia approaches its Q4 2023 earnings release on
February 21. Nvidia’s stock has experienced a remarkable 45% surge
since their previous earnings report, expanding its market cap by
an unprecedented $600 billion. As the tech community anticipates
Nvidia’s next financial update, speculation abounds regarding the
potential influence of the company’s performance on the broader AI
and cryptocurrency markets. FET, along with other AI-tied tokens
such as The Graph (GRT), Injective (INJ), Render Network (RNDR),
and SingularityNET (AGIX), stands at a critical juncture where
Nvidia’s financial results could significantly sway investor
sentiment within the AI and crypto sectors. A positive report from
Nvidia could catalyze a wave of enthusiasm, potentially bolstering
investments in AI-dedicated cryptocurrencies. Fetch.AI (FET) Eyes A
500% Rally Van Lagen’s chart showcases a massive inverse ‘Head and
Shoulders’ (H&S) pattern, consisting of three troughs: the left
shoulder formed in early 2022, the head reached its nadir at the
end of 2022, and the right shoulder developed in August 2023.
Related Reading: Fetch AI Breakout Confirmed: Analysts Reveal
Bullish Targets For FET Price The pattern is characterized by a
‘neckline,’ which is a resistance level that the price must surpass
to confirm the reversal. For Fetch.AI, the neckline is situated
around the $0.5 mark, a threshold that was successfully retested as
support in January 2024. This retest is seen as a bullish
confirmation, reinforcing the integrity of the reversal pattern. A
noteworthy element in the analysis is the decisive breakout from
the green Fibonacci resistance zone last week. The Fibonacci
retracement tool is commonly used to ascertain potential support
and resistance zones, and a breach beyond these confines typically
suggests a strong market conviction. Related Reading: OpenAI
Setback No Match For FET’s 160% Surge: Time To Invest In AI? Thus,
Fetch.AI has not only surmounted the neckline but has also made
strides past the resistance zone, paving the way for the asset to
strive towards new all-time highs. Van Lagen has calculated a
technical target for the iH&S pattern at $5.5, extrapolated
from the depth of the pattern’s head to the neckline, and projected
upwards from the breakout point. The analyst has also stipulated a
condition for the invalidation of this bullish scenario: should
Fetch.AI print a ‘lower low’ (LL), it would disrupt the structure
of the iH&S pattern and potentially signal a bearish shift in
the market’s sentiment. He summarizes: FET [1W] – Head and
Shoulders bottom playing out neatly: + Dec-23 breakout of the right
shoulder & the green Fib resistance zone; + Jan-24 multi-week
successful retest of the neckline; + Feb-24 clearance for new ATHs
Technical target iH&S: $5.5 Invalidation: print LL At press
time, FET traded at $0.92. Featured image from MEXC Blog, chart
from TradingView.com
Grafico Azioni Fetch (COIN:FETUSD)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Fetch (COIN:FETUSD)
Storico
Da Giu 2023 a Giu 2024