The utility token FET of Fetch.ai (FET/USD) is designed to find, create, deploy and train autonomous economic agents. It is an integral part of smart contracts and oracles on the platform. However, FET has had a tough few months as it has lost over 50% of its value against its highest level in November.
FET fell sharply after collapsing from the crucial support of $0.64 earlier this month. Many investors are still holding on to FET due to its strong fundamentals and expect a reversal soon.
FET näis also based on a long-term trend line, which could be a make or break level for FET, so that a reversal can be observed soon. However, investors should be careful and do not enter early, as FET can still break away from the trend line, as the overall trend has been frequent. So, should you buy FET in the hope of a reversal?
Here’s what the charts indicate:
FET was moving in a sideways trend, but broke off from the bottom at $ 0.64 and fell sharply at the beginning of the month.
FET also broke off from the 200-day moving average, which could be a worrying point. That’s why investors should wait for FET to break through the 200-day moving average before getting in.
FET is now at the long-term bottoming trend line, which could be the point of reversal. However, investors should wait for a clear reversal before investing.
The RSI is also at the lowest level and is very close to the oversold level, which suggests that the banks may soon return to the downside and could make a reversal.
Investors can expect a target of $0.64, followed by $0.78 and $1 in the coming months.
Investors should be very careful and set a stop loss below the trend line.
Should you buy Fetch, which is approaching a big support? appeared first on Coin Hero.