The recent surge in Bitcoin's price has led to a rise in demand for AI tokens, including Fetch.AI (FET). Amidst this market recovery, FET has exhibited a bullish reversal, indicating a potential breakthrough from a critical support level.

Fetch.AI (FET) Price Overview

With a market capitalization of $1.378 billion, Fetch.AI holds the 64th position in the cryptocurrency market. Over the last 30 days, FET has experienced a 22% decline during the pullback phase.

Analyzing the daily chart, FET's price movement shows a pullback trend, forming a falling channel pattern. The bearish trend in the AI token has dipped below the $2 mark and the 200-day EMA, with a downward trend in the 50-day EMA, hinting at a potential death cross on the daily chart.

Currently trading at $1.63, FET has experienced an intraday decline of 4.62%, following an 11.64% surge the previous night. The formation of a bullish engulfing candlestick from the support trendline suggests a possible bullish reversal within the falling channel pattern.

Moreover, the MACD and signal lines on the daily chart are approaching a bullish crossover, supporting an upward trend in FET's price.

If the bullish momentum continues within the pullback channel, FET could aim for the overhead resistance trendline, potentially reaching the $2.5 mark. In a more optimistic scenario, the price reversal could trigger a breakout rally to test the all-time high near $3.50.

On the flip side, a bearish trend continuation could push the AI token below $1.50 and the support trendline.