Fetch.ai (FET) is displaying strong signs of potential growth as on-chain data indicates increased buying pressure. Yesterday, FET’s price stood at $1.10, but it has since risen to $1.25, fueled by positive technical indicators and growing investor confidence. As the altcoin continues to gain traction, it could be working towards erasing its recent losses. Here’s a closer look at the factors contributing to this upward trend.
Rising Bullish Sentiment Drives Price Recovery
The key to FET’s recent price climb lies in the increasing bullish sentiment. According to the 4-hour chart, FET’s rise is linked to strong buying pressure, as evidenced by several technical indicators. One of the most significant signals comes from the Bull Bear Power (BBP), which has recently flipped to the positive region after staying in the red since November 1. The BBP shows the balance of power between buyers and sellers; when the reading is negative, bears dominate, but a positive BBP indicates that bulls are in control. As long as the BBP remains in the positive, it’s likely that FET’s price could continue to rise.
Another critical indicator supporting FET’s price momentum is the Money Flow Index (MFI). The MFI measures the flow of money into and out of an asset, combining price and volume data to assess buying and selling pressure. A rising MFI suggests that demand for the altcoin is increasing, which could lead to continued price growth. As the MFI trend remains positive, FET’s recovery appears poised to continue in the short term.
FET Price Prediction – Key Resistance at $1.28
Despite the positive momentum, FET faces a critical resistance level at $1.28, as identified by the IOMAP tool. The IOMAP shows that 3,590 addresses hold a combined 616.89 million FET tokens at this price, representing a significant accumulation zone. Resistance levels like this often act as psychological barriers for traders, and surpassing $1.28 could trigger a strong rally.
Also Read: FET Price Prediction – Will On-Chain Bullishness Outweigh Bearish Technicals?
If buying pressure persists and FET manages to break through this resistance, the altcoin could gain significant momentum and push towards $1.44. On the flip side, if bulls fail to break through $1.28, FET might experience a pullback, potentially dropping back to $1.10.
A Strong Bullish Case for FET
In summary, Fetch.ai (FET) is experiencing increased buying pressure, with key indicators like BBP and MFI signaling further price potential. While $1.28 remains a significant hurdle, surpassing this resistance could lead to more substantial gains, with a target price of $1.44 within reach. Investors should watch the price action closely, as sustained bullish momentum could fuel FET’s recovery, potentially wiping out recent losses. However, if the resistance proves too strong, a pullback to $1.10 could be on the horizon.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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