The price of Fetch.ai (FET) continues to increase even as the broader cryptocurrency market sees a shift away from the highs of February and March. Speculation arises on whether FET will face corrections or if it will reach its all-time high.

Potential Altcoin Recovery

Following a significant uptrend, Fetch.ai experienced a slight decrease as the market stabilized. This decline was expected due to nearly 98% of the circulating supply being in profit. When a large percentage of a cryptocurrency's supply is profitable, it could signal a market peak and hint at a potential reversal or correction. This was further supported by the recent correction.

Despite 93% of the total supply still being profitable, there is a possibility of profit-taking that could impact the altcoin's price. A decrease in network growth, signifying fewer new addresses, may indicate a waning interest in the project from investors.

Forecast for FET Price

It is anticipated that Fetch.ai's price may experience downward pressure, potentially leading to a price decline. The price of FET is nearing the $2.9 support level following the loss of the 50-day exponential moving average (EMA). Considering the current circumstances and historical support levels, there may be a retreat to $2.4.

However, if Fetch.ai manages to stay above the $2.9 support level, there is a chance for a resurgence in its upward momentum. This could negate the bearish outlook, especially if the 50-day EMA transitions to support, potentially paving the way for a climb to $3 and beyond to reach new all-time highs.