The Fetch.ai (FET) token shows signs of a potential breakout, attracting the attention of traders and analysts. Analysis indicates FET is near support and consolidation levels.
Symmetrical Triangle and Price Forecast
The FET token is trading around $0.78, nearing the apex of a symmetrical triangle. Analyst Ali Martinez noted that a daily close above the $0.85 resistance level could confirm a breakout. He projects a target of $1.74 based on Fibonacci extension levels. The chart also shows price consolidating between ascending and descending trendlines since March, with $0.64 holding strong as support.
Long-term Elliott Wave Support
Long-term technical indicators also support a positive outlook. The FET/USDT weekly chart shows a textbook Elliott Wave pattern, currently completing wave (4). The token recently rebounded from an ascending green trendline, suggesting continued respect for long-term support levels. Analysts anticipate the start of wave (5), which could push prices into the $3.40 to $5.00 range.
Developer Tool Expansion
Fetch.ai recently announced plans to expand the list of Python packages on its Agentverse.ai platform. The team tweeted an invitation for community input on which packages to include. This initiative aims to simplify the deployment and management of AI agents for developers, emphasizing collaboration within its decentralized infrastructure.
Current technical indicators and expansion initiatives affirm a positive sentiment around Fetch.ai token. Traders are closely monitoring FET's behavior ahead of a potential breakout.
