Fetch.ai Eyes Rally After Wedge Break and Governance Proposal

• Fetch.ai proposes raising gas and bytes limits on ASI Mainnet
• FET breaks wedge resistance, signaling strength in short-term momentum

Fetch.ai (FET) has broken above a key technical pattern, signaling renewed market attention. The recent chart analysis shared by Clifton Fx  Fetch.ai has completed a breakout from a Descending Broadening Wedge. 

This pattern, considered a bullish reversal indicator, 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.

Analysts expect a continuation toward higher levels if momentum sustains. A projected green zone has been outlined as a short-term target, where traders are now watching for further confirmation. 

The pattern’s structure implies strengthening sentiment around FET, with many participants preparing for extended movement. This renewed activity, supported by chart-based technicals, could signal a short-term trend reversal.

Mainnet Upgrade Proposal Seeks Alignment With Dorado Testnet

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 to improve compatibility. Specifically, the proposal seeks to double the Max Gas Limit from 3million to 6 million per block and increase the Max Bytes Limit from 300,000 to 600,000.

According to the Fetch.ai team, these changes would allow more complex applications and create smoother deployment pipelines from Dorado to the mainnet. Voting on the proposal will be limited to FET delegators on the ASI Mainnet. Those holding FET on Ethereum, BSC, or Cardano will not be eligible to vote.

The timing of the breakout and proposal has focused attention on FET’s ecosystem. At press time, the current price of Fetch.ai is $0.8009, with a 4% daily increase. 

Traders are watching price action closely as both market momentum and on-chain governance move in tandem. Any approval of the upgrade could further bolster sentiment.

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.