Fetch AI's native token FET has experienced a significant rise in value, leading crypto analysts to believe that it still has room to grow. Analyst Tony The Bull, who previously advised buying FET when it was priced at $0.09, remains optimistic about its future performance. Another analyst, TradingShot, also predicts more rallies for FET, identifying a bullish pattern on the charts. Despite a recent downtrend, FET's price currently sits at $0.5.
Our analysis of the situation
Fetch AI (FET) has been making waves in the world of artificial intelligence (AI) and cryptocurrency, capturing the attention of both enthusiasts and investors alike. With Sam Altman's departure from OpenAI providing an additional boost, FET's native token has enjoyed an impressive upward trajectory, prompting crypto analysts to believe there's still plenty more growth in store.
Leading the charge is Tony The Bull, Founder of CoinChartist and one of the most vocal proponents of FET. Tony's previous call to buy FET at $0.09 in 2022 has seen the coin surge more than fivefold since then. Undeterred by this already significant growth, Tony remains steadfast in his conviction that FET has further room to soar.
Taking a deeper look at FET's potential, Tony presents his analysis to support his bullish stance. The chart reveals an initial bounce above $2.5 followed by a retracement to around $0.55. However, Tony predicts another upward bounce, pushing the price beyond $4. If this unfolds as anticipated, FET could witness multiple bounces of over 500% from its current levels.
But Tony isn't alone in his optimism. Joining the bullish chorus is another eminent crypto analyst, known as TradingShot. Sharing their take on TradingView, they highlight FET's potential for future rallies. Noting a Golden Cross pattern on the 1-day chart, TradingShot suggests that this marks a significant development in FET's long-term trend.
Like Tony's earlier target, TradingShot envisions a rally that propels FET above the $2 mark. Identifying similarities in the 1D RSI (relative strength index) with a previous bullish pattern, they argue that this could be just the beginning. Drawing comparisons to the 2020-2021 Bullish Megaphone, TradingShot points out that the peak during that period occurred just below the 1.5 Fibonacci extension. This insight reinforces their confidence in FET, with a target set at 1.8000.
Despite FET's current downtrend and a recent 11.62% drop, the coin's price still hovers around $0.5, leaving investors eager to see if the analysts' predictions will come to fruition.
With the bullish spirits surrounding FET refusing to waver, one thing is clear - this AI-powered cryptocurrency has firmly caught the attention of the crypto community, making it a coin worth watching closely.
(Note: All information provided in this article is based on the analysis of independent crypto analysts and does not constitute financial advice. Investors are advised to conduct their own research before making any trading decisions.)
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