Fetch.ai (FET) Price Analysis: Anticipating Consolidation Amidst Increasing Bearish Sentiment

Fetch.ai (FET) Analysis: Consolidation Ahead Amid Rising Bearishness

Fetch.ai's price will potentially remain consolidated for the next couple of trading sessions owing to lack of support from investors and mixed signals from the market.

While recovery is on the cards, FET might stop short of regaining all the profits as it is destined for consolidation.

Fetch.ai Investors Sit Back

Fetch.ai's price has witnessed considerable bearishness in the last few days, and this has naturally spooked investors. The overall decline in the market has also pushed many potential investors away.

This is visible in the decline in network growth. The indicator has plunged to a multi-month low following the corrections. Network growth is calculated by the formation and participation of new addresses on the network.

FET Price Prediction: Sideways Is the Way

Fetch.ai's price, trading at $1.93, just below the $2.00 mark, will likely witness consolidation going forward due to the mixed signals from the market. The upcoming halving event suggests a rise in Bitcoin price is due, which would inevitably impact the altcoins, too. However, a lack of support from investors could create bearish conditions.

Consequently, Fetch.ai's price might end up moving sideways instead of sticking to either narrative. This consolidation will be within $2.26 and $1.71, which have proved to be solid resistance and support levels, respectively.