• Fetch.ai price has dropped nearly 45% since late March as broader markets started bleeding.
  • FET bulls must defend $1.70 if they want to keep the upward thrust alive, signaling strength on the AI coin.
  • A break and close below $1.59 would mean a lower low, invalidating the bullish reversal thesis.

Fetch.ai (FET) is trading with a bearish bias. It comes as chatter about the proposed integration with the Ocean Protocol (OCEAN) and the SIngularityNET (AGIX) ecosystem remains fresh.

Also Read: Fetch.ai, Ocean, and SingularityNET merger a step closer after proposal approval

Fetch.ai price could breakout but there is a catch

Fetch.ai price is on a steady downtrend, which could be setting the tone for a breakout depending on how the bulls play their hand. For a breakout north, the bulls must defend the $1.70 support for inflection to facilitate an upward move.

A bounce above $1.70 could set the tone for the Fetch.ai price to break above the downtrend line, effectively flipping the 50% retracement into support above $1.98. In a highly bullish case, FET price could extend the gains to the $2.87 threshold, in a move that would constitute a climb of above 40% above current levels.

In a highly bullish case, the Fetch.ai price could extend a neck higher to the peak if the market range at $3.48, levels last seen on March 28.  

FET/USDT 1-day chart

On-chain metrics to support bullish outlook for Fetch.ai price

To support the bullish reversal thesis, Santiment data notes a spike in social volume and social dominance. Social volume refers to the level of online chatter surrounding a particular coin or token across various social media platforms, forums, and news outlets. An increase in social volume indicates a higher level of interest, discussion, and attention on the asset.

Social dominance, on the other hand, is a measure of how much attention or discussion a particular cryptocurrency receives compared to others in the market. A rise in social dominance suggests that a cryptocurrency is gaining popularity and capturing more attention relative to its competitors.

FET Social volume, Social dominance

Other than the social metrics, the total amount of FET holders has also been increasing steadily since April 13. This reinforces the growing interest and adoption, likely driven by factors such as positive developments, increased visibility, partnerships, or market conditions.

FET holders

On the flip side, if the $1.70 support level breaks, the Fetch.ai price could extend the fall to $1.50, or lower to retest the $1.00 psychological level before a possible recovery. In a dire case, the AI crypto coin could roll all the way over to the bottom of the market range at $0.49, denoting an approximate fall of about 75% below current levels. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Solana and XRP ETFs may be on the cards in 2025, Standard Chartered analyst says

Solana and XRP ETFs may be on the cards in 2025, Standard Chartered analyst says

Ethereum Exchange Traded Fund approval news has renewed optimism on Solana and XRP ETFs approval in 2025. Analysts at Standard Chartered believe more cryptocurrency ETFs may be approved next year, and these assets will not be classified as securities. 

More Solana News

Uniswap Price Forecast: UNI could be poised for 30% rally after month-long lull

Uniswap Price Forecast: UNI could be poised for 30% rally after month-long lull

Uniswap price has broken out of a 35-day consolidation this week, a sign of a possible rally ahead that could increase the token’s price around 30%. Technical indicators support the bullish thesis, while on-chain data also aligns with it.

More Uniswap News

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Kabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin, died early on Friday after losing her fight to leukemia and liver disease. Kabosu had gained popularity as the dog behind the viral “doge” meme. 

More Dogecoin News

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

Ripple lawsuit ruling is expected soon, following the new US crypto bill, FIT21. SEC Chair Gary Gensler says the agency has fared well in legal battles while speaking at the ICI 2024 Leadership Summit. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis