Analysts say FET eyes leg up

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  • Fetchai price was down 3% on Thursday morning after a double digit move the previous day.
  • While prices are likely to break lower, analysts say AI remains a strong narrative and that could help FET price.
  • 96% of FET holders are in profit after the price spiked more than 70% in February. has dipped to support levels at $0.45 early Thursday, with the price of the native FET mirroring the broader crypto market in trending lower.

Indeed, while price printed a double-digit green candle on Monday, the Artificial Intelligence (AI) related token’s value is currently testing support near $0.45 with about 5% in losses on the day.

But the AI narrative remains a strong trend and is likely to see FET regain momentum and record fresh gains as those witnessed in the past few weeks. Data shows the FET/USD pair remains 70% up over the past 30 days. price: What analysts say about FET amid the AI narrative

AI related tokens have in recent weeks outperformed in the market, particularly after global tech giants Microsoft and Google poured resources into the sector on the back of massive hype around OpenAI’s Chat GPT. price on the daily chart. Source: TradingView 

But could the narrative have run out of steam? According to crypto trader and analyst Cantering Clark, that’s unlikely. Specifically, the analyst says FET could yet see a fresh leg up as AI remains one of the hottest trends in the market.

As shown in the chart above, FET posted a breakout from a triangle pattern on the daily chart. Bulls nonetheless ran into a hurdle just above $0.48. While there’s likelihood of a distribution move, another analyst, Altcoin Sherpa, also thinks an uptrend is the more likely trajectory. whale activity, 96% FET holders in profit

Data also shows more than 96% of FET holders are in profit after recent gains as more people looked to buy FET. While having so many addresses in profit could play a part in potential profit taking deals, the in/out the money metric by IntoTheBlock also suggests nearly 99% are long term holders. 

Only 1% of FET is held by hands that bought the token in the past 1-12 months. 

In fact, on-chain analytics platform Santiment has also shared data showing whale activity for has recently spiked.

On the downside, if sentiment across the wider market turns negative, bears can target the immediate demand zone around $0.38 and even go for $0.29.

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