- Summary:
- Fetch.AI price is retesting the high timeframe resistance of $0.54. However, there are strong bearish divergences on the MFII and RSI indicators.
After soaring to fresh yearly highs in February, Fetch.AI price had a decent pullback till August. However, after the recent improvement in the crypto market sentiment, the AI narrative has started to pick up once again.
Consequently, the FET coin is set to close the third consecutive week in green after a remarkable rebound from its last month’s lows. This has improved its rank among the top cryptocurrencies by market capitalization, making it one of the 100 most valuable digital assets.
However, analysts are still unsure if the project’s fundamentals back the recent bullish surge, as there hasn’t been any major development. Many still think the price action has been mainly driven by the AI hype cycle.
FET/USD Technical Analysis
For a border outlook, let’s analyze the daily chart of FET crypto. The following chart shows a retest of the $0.54 resistance level, which is just a few cents below the yearly peak of $0.608.
However, due to the bearish divergences on the MFI and RSl indicators, the Fetch.AI price prediction doesn’t seem to be very bullish anymore. Therefore, there is a strong possibility of a rejection from the $0.54-0.61 level in the coming days.
