Fetch.ai (FET) is showing remarkable resilience as the rest of the cryptocurrency market cools off from its March rally. Using on-chain metrics and technical analysis, we figure out what to expect from altcoins in the near future.
Investor interest in Fetch.ai begins to cool
After impressive growth, the price of Fetch.ai is experiencing some drawdown. However, the decline was expected, since just recently almost 98% of the circulating supply was in profit.
When more than 95% of the supply is profitable, the asset forms a market top, indicating the possibility of a reversal or correction. Currently the figure is 93%, this suggests that FET may see further declines. However, the number of new addresses transacting altcoins has also dropped significantly.
FET Price Forecast: Consolidation or Fall
Fetch.ai price fell below important support at $2.9 after losing its 50-day exponential moving average (EMA). The most likely outcome for FET could be a fall to $2.4, given that this level has previously been tested several times as support. At the time of writing, FET is trading at $2.7.
However, if the bulls have enough strength to buy back the decline and confirm the 50-day EMA as support, the altcoin could rise to $3 and target a new all-time high.
About Fetch.ai (FET)
Fetch.ai is a technology company founded in 2015 with the goal of creating economic value by combining artificial intelligence, cryptography, distributed ledgers and multi-agent simulation. The developers have experience in economics, business, software, transportation and regulation.
Fetch (FET) is a decentralized solution in which autonomous software components perform various types of useful economic work. In part, this is the transfer of data, the provision of services – both on behalf of individuals and from entrepreneurs, governments or other interested parties. The system uses the FET token as a reward.
Initially, the FET token will be an ERC-20 token, but a little later the team plans to create a token on its own blockchain. When this happens, the original token can be exchanged at a fixed rate, and all old coins will be burned. The launch of main-net is scheduled for autumn 2019.
