A crypto trader taken to
The analyst, @rektcapital, believes that the recent price action on the weekly chart indicates strength. Furthermore, the possibility of FET bulls flowing back and driving prices above the immediate resistance level seen in early November remains high at spot rates.
Fetch.ai set for the green path | Source: Rektcapital on X FET remains bullish, up 770% from its 2022 low Looking at the candlestick layout in the weekly chart, FET buyers have had the upper hand. To quantify it, the coin is up 140% from its July 2023 low and may be preparing for even more upside if prices break above $0.46 recorded in the first week of November. As it stands, the FET is up over 770% from its December 2022 low, when the coin fell to a low of $0.0570.
Technical analysis shows that the FET has recovered from around $0.17, which represents the 78.6% Fibonacci retracement level of the trading range established in the first half of 2023. FET prices could rise, building on the bullish engulfing bars of late October and early November 2023, and reach above $0.17. $0.46. This expansion could in turn lay the foundation for the next leg to $0.60, which marks the 2023 high.
FET price rises on the weekly chart | Source: FETUSDT on Binance, TradingView Despite the current rally, it is still unclear whether FET prices will find the momentum to retest the 2021 highs of $1.20. Yet, as the FET expands, there is a notable change in participation levels between 2023 and 2021, looking at trading volume.
Prices may be down 65% from the September 2021 peak, but the associated trading volume is higher, indicating more support. If trading volume is a leading indicator, it is very likely that even if the FET moves on a green path as @rektcapital predicts, the chances of the coin retesting the 2023 and 2021 highs will be high and the uptrend may be soon.
Fetch.ai building dominates social media activity Fetch.ai was released in October launched DeltaV, an open platform that allows users to interact with Fetch.ai agents and services naturally and intuitively. With this solution, developers hope that users will further explore the blockchain and take advantage of its capabilities.
At the same time Fetch.ai arose as the leading crypto AI project in terms of social media activity. With more than 1,700 posts and more than 409,000 interactions as of November 15, the platform is more popular than The Graph (GRT) and the Ocean Protocol (OCEAN).
Feature image from Canva, chart from TradingView
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