Fetch.ai (FET) has regained market attention due to a breakout of a technical pattern and an upgrade proposal for the mainnet.
Breakout of Technical Pattern and Renewed Market Interest
Fetch.ai (FET) has broken above a key technical pattern, signaling renewed market interest. Recent chart analysis shared by Clifton Fx indicates that Fetch.ai has completed a breakout from a descending broadening wedge. This pattern is considered a bullish reversal indicator and has been forming during a prolonged downtrend. The breakout occurred as the price moved above the upper boundary of the wedge, suggesting the potential start of a new upward trend.
Mainnet Upgrade Proposal
Alongside the breakout, the Fetch.ai team announced a proposal to modify key parameters on the ASI Mainnet. The upgrade aims to align the current mainnet with the Dorado testnet for better compatibility. Specifically, the proposal seeks to double the Max Gas Limit from 3 million to 6 million per block and increase the Max Bytes Limit from 300,000 to 600,000.
Traders Watching Price Movements
Traders are closely watching price action as both market momentum and on-chain governance move in tandem. As of now, the current price of Fetch.ai is $0.8009, with a 4% daily increase. If the upgrade proposal is approved, it could further bolster market sentiment.
The successful implementation of the proposed upgrades and ongoing market activity could lead to positive changes in the Fetch.ai ecosystem.
