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Fetch.AI (FET) is poised for a substantial price surge, as recent trends indicate bullish strength amid increasing on-chain activity.
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The asset currently consolidates around $1.33, creating anticipation for a potential breakout above critical resistance at $1.38.
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According to insights from COINOTAG, a successful movement above $1.38 could drive FET’s price up by 20-30%, reflecting strong investor sentiment.
Fetch.AI (FET) is showing bullish potential with price surge predictions as on-chain activity and technical signals signal a promising upward trajectory.
Is a breakout above $1.38 on the horizon?
All eyes are on Fetch.AI (FET) as it currently trades within a descending channel, targeting the pivotal resistance level at $1.38. Breaking this threshold may trigger a substantial price increase, propelling FET toward $1.60.
Historical price movements indicate that FET has capitalized on similar setups previously. To confirm a successful breakout, significant trading volume and bullish momentum are imperative to attract heightened investor interest.
Source: TradingView
On-chain activity shows growing engagement
Recent metrics indicate that Fetch.AI is experiencing a notable uptick in network activity, with new addresses surging by 47.36% and active addresses increasing by 12.46% over the past week.
This spike in activity underscores growing investor confidence and adoption, which historically has a correlational effect on price hikes.
Source: IntoTheBlock
How exchange reserves signal market sentiment
The current exchange reserves for FET have incrementally increased by 0.12%, totaling 471.4 million FET. This slight increase denotes a cautious approach among traders, holding onto their assets.
Traders should monitor these reserves closely; a decrease could suggest accumulation and thus pressure to drive prices higher.
Source: CryptoQuant
FET technical indicators hint at possible momentum
FET’s technical indicators reflect a mixed outlook. The moving average (MA) crossover suggests a potential upward movement, contributing to bullish sentiment.
Conversely, the Average Directional Index (ADX) reads at 15.76, signaling weak trend strength, necessitating confirmation through decisive price action and volume to reinforce bullish expectations.
Source: TradingView
Liquidations could fuel bullish momentum
Recent liquidation data reveals $13K in short liquidations against $1.56K in long positions, signifying a prevailing bearish sentiment in the short term.
Nevertheless, if FET breaks through the $1.38 level, it could instigate a series of short liquidations, triggering a notable price rally that amplifies bullish market sentiment.
Source: Coinglass
Based on these indicators, Fetch.AI appears well-positioned for a significant 20-30% rally if it can breach the $1.38 resistance level. The combination of increasing network activity, favorable technical signals, and potential liquidation triggers emphasizes a bullish outlook for FET.
