Fetch.AI's Bullish Trend: Further Rally on the Horizon?
Monday, 22 April 2024, 21:30
Fetch.AI's Bullish Trend: Further Rally on the Horizon?
Fetch.ai's price is noting a bullish reversal pattern that could send the altcoin rallying provided Bitcoin continues to act bullish. The altcoin also banks on Bitcoin to benefit from post-halving bullishness.
Fetch.ai's Investors Remain Optimistic
- The actions of the whales have influenced Fetch.ai's price in the past, which seems to be a condition for the altcoin once again.
- Amid the sideways movement observed in the last few days, the whales have changed their stance from HOLDing to accumulation.
- In the last 48 hours, the addresses holding between $100,000 to $10 million worth of assets have observed an increase of $59 million in their holdings.
- This is an indication of the increase in optimism towards a rally.
- This rally might come sooner rather than later for multiple reasons, one of which is the correlation between FET shares and Bitcoin.
- The world's largest cryptocurrency just underwent the halving event, which occurs once every four years and slashes the mining rewards in half.
Fetch.ai's price has room to grow in the coming days.
But if the market notes bearish cues taking precedence, the altcoin could fall to test the neckline at $2.28 as support. Losing this line would invalidate the bullish thesis, pushing Fetch.ai's price to $2.10.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.