Fetch ai Price Evaluation: Is 0.50 Dollars a Realistic Target?

Crypto News– Altcoins, including AI tokens like Fetch.ai (FET), have been experiencing positive trends. This aligns with earlier reports from Coin Edition highlighting FET’s strong performance, particularly in anticipation of various AI-related conferences scheduled for November.

Fetch ai Price Evaluation: Is 0.50 Dollars a Realistic Target?

FET has steadily built on its initial surge, notably breaking out of the $0.36 consolidation range on November 6. This breakout resulted in an 8% increase, driving the price up to $0.39 on the same day. However, the $0.39 price level turned out to be short-lived, and attempts to retest the zone encountered resistance, temporarily pushing the token’s price back down to $0.38.

Caleb Franzen, a trader and the founder of Cubic Analytics, maintains a bullish perspective on FET. Prior to his recent update on X (formerly Twitter), Franzen had also forecasted a breakout for FET on November 6. One of the key indicators to monitor is the Awesome Oscillator (AO). As of the latest data, the AO registers at 0.02, with red bars suggesting a period of selling.

This hints at a potential move down to $0.37. However, it’s worth noting that the height of the red bars on the AO appears to be decreasing, signaling a reduction in selling momentum. If this trend persists and sellers’ influence wanes, then buying pressure around the $0.36 level could act as the catalyst FET needs to replicate last month’s rally.

Furthermore, FET’s weighted funding rate remains positive as of the present moment. A positive funding rate indicates a bullish sentiment among most traders regarding price action. Therefore, more than 50% of the average open positions lean towards long positions.