Despite leading the AI crypto sector, Fetch.AI continues to trade to the downside. But will FET price analysis reveal a glimmer of hope for FET crypto, or is a drop below $1 imminent?
In this article, delve into the latest FET price trends as holders battle downside action, and consider whether there could be hotter opportunities in the market to buy.
Optimism is riding high in the Artificial Superintelligence community this week, with many hopeful that leading AI coins such as FET will capitalize on a knock-on effect from Nvidia’s latest earnings report (released tomorrow).
The Nvidia catalyst also comes hot on the hells of other recent news, which speculated an upcoming earn and burn mechanism might fuel a bullish reversal for FET price.
FET Price Analysis: Will FET Crypto Bounce or Break at the $1 Mark?
At press time, FET crypto is fighting to hold key support, currently trading at a market price of $1.31 (representing a 24-hour change of -3.75%).
This comes as the FET market cap stands at a $1.14Bn valuation and amid a 24-hour trading volume of $564M.
After 5-days of suppressed price action, FET crypto broke above moving average resistance yesterday, and now all eyes are on the 20DMA (at $1.32) as FET price fights to secure a foothold above this critical moving average support level.
Now targeting a breakaway from the accumulation zone between $1-$1.25, FET price seems set to re-test upside resistance at the distribution zone between $1.55-$1.75.
This suggests that FET price is unlikely to crash down to $1 on the short-time frame, especially if FET bulls are able to push back above 200DMA support at $1.46.
Meanwhile, the RSI remains largely neutral with minor bullish divergence at 0.48 . In a reflection of the consolidation above the accumulation zone, this adds weight to the case for an upside move on the short-time frame.
But what might such a move look like? Well, to the upside, FET price faces an area of resistance at 200DMA resistance around $1.46 (+11.7%), while downside risk is limited by lower support at $1.2 (-8.5%).
This gives FET price a short-time frame risk: reward of 1.37, a reasonable entry, with a good degree of upside potential – yet, a meager +11% potential gain fails to allure hungry investors seeking larger gains – for this reason, let’s take a look at Pepe Unchained.
Pepe Unchained is About to Hit $40M and It Hasn’t Even Launched Yet…
Pepe Unchained’s ($PEPU) presale is heading into FOMO overdrive, as it surges from $30 million in funding to more than $36 million coming out of the weekend.
Now, with Pepe Unchained preparing to launch its own meme pad, called Pepe Pump Pad, the project promises to do more than solve the cost-related issues of owning a Pepe token.
Much like pump.fun, Pepe Unchained offers a simple, user-friendly approach to launching new meme coins via Pepe Pad, with the same potential for tier-1 exchange listings as $PEPU.
Soon, this ecosystem will feature a blockchain that’s 100x faster than Ethereum, with significantly lower transaction costs, its own block explorer, a decentralized exchange (DEX) that leverages these efficiencies, and a bridge to seamlessly move assets across chains.
To buy $PEPU, connect your wallet on the Pepe Unchained website and use ETH, USDT, BNB, or card payment methods.
Here’s a pro tip: if you purchase $PEPU through the Best Wallet app, your tokens will appear there before the official claim date is announced.
Join the conversation on X and Telegram to stay up-to-date with the top token presale of 2024.
The post FET Struggling to Keep Up With Market Momentum, Down 17% in a Week – Is a Drop Below $1 Imminent? appeared first on Cryptonews.
