- FET has touched the 100% Fibonacci extension at $0.17, a high-probability reversal zone that often marks the exhaustion of a three-wave (A-B-C) correction.
- While the bottom appears to be in, a decisive breakout above the $0.184–$0.225 resistance zone is required to confirm a shift in market structure.
- Despite a 20% weekly dip, FET remains a leader in the Artificial Superintelligence Alliance, with transaction volumes rising 15% as network activity expands.
The volatile world of cryptocurrency, Fetch.AI (FET) has been making waves as a leading project in decentralized AI and machine learning. Built on blockchain technology, Fetch.AI enables autonomous agents to perform tasks like data sharing and optimization across networks, positioning it as a key player in the Web3 ecosystem. With integrations in sectors like supply chain and DeFi, FET has garnered attention from investors seeking exposure to AI-driven innovations. However, recent market corrections have tested its resilience, leading to a sharp decline in price.
Technical Exhaustion: Analyzing the Elliott Wave A-B-C Correction
According to a recent technical analysis by prominent crypto analyst More Crypto Online, FET may have formed a significant low. Examining the FET/USDT pair on a 4-hour Binance chart, the price has reached the 100% Fibonacci extension level, a critical point in Elliott Wave theory often signaling the end of a corrective phase. The chart illustrates a downward impulse labeled as waves A, B, and C, with sub-waves indicating exhaustion in selling pressure. The price dipped to around $0.17, aligning with the 100% extension from prior highs, suggesting buyers could step in.
This setup implies a possible reversal, but caution is advised. The first resistance zone to monitor lies between $0.184 and $0.225. A breakout above this could confirm bullish momentum, potentially targeting higher Fibonacci retracements like 61.8% at approximately $0.226 or even 78.6% near $0.25. Factors influencing this include broader market sentiment, with Bitcoin’s stability playing a pivotal role—if BTC avoids retesting $60,000, altcoins like FET might rally.
Fundamental Growth: Ecosystem Partnerships and Protocol Upgrades
Fetch.AI’s ecosystem continues to expand. Recent partnerships with AI firms and updates to its agent-based protocol enhance its utility, attracting developers and users. Despite the dip, on-chain metrics show increasing network activity, with transaction volumes up 15% month-over-month. However, macroeconomic uncertainties, such as interest rate hikes, could prolong the bearish phase.
For traders, this presents a high-risk, high-reward opportunity. Long positions might be considered near the current low with tight stops below $0.13, while bears could short on resistance failures. As always, diversification and risk management are crucial in crypto trading. In summary, FET’s touch of the 100% extension hints at a bottom, but confirmation awaits. Investors should watch key levels closely amid evolving AI-blockchain synergies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
