The Fetch.ai (FET) price reached a new all-time high recently, while the rest of the cryptocurrency market has shown signs of slowing down in terms of growth. Despite this, Fetch.ai's price continues to rise.
It is expected that Fetch.ai may experience a correction soon, as a large percentage of the circulating supply is currently in a profitable position. When the majority of the supply is profitable, it usually indicates a market top, which could lead to a reversal or correction in the market.
The recent correction in Fetch.ai's price validated this market top theory, and there is still a significant portion of the supply in profit that may trigger profit-taking behaviors among investors. This could result in a decline in price for Fetch.ai.
Furthermore, the declining network growth for Fetch.ai suggests a decrease in investor interest, which may lead to a bearish trend in the price movement of the altcoin.
Predictions for Fetch.ai Price Movement
There is a possibility that Fetch.ai's price may face a decline to $2.4 if it fails to maintain the psychological support level at $2.9 and the 50-day Exponential Moving Average (EMA) is not regained as a support level.
On the other hand, if Fetch.ai manages to sustain above the $2.9 support level and the 50-day EMA becomes a support level, the bullish momentum may continue, leading to a potential rise in price to $3 and beyond, possibly setting a new all-time high.
Fetch.ai Price Chart Source: Coinstats
