Fetch.AI (FET) Scales Key Price Hurdle; Buyers Aim for $3

Fetch.ai (FET) crossed a major price resistance at the $2.36 price zone, as buyers ramped up the buying pressure. Earlier in April, FET had struggled with crossing this price level with price dropping below $2 after a rejection at the level.

However, May brought bullish momentum with FET rising by 25% over the past seven days. With buyers moving past the selling pressure at $2.36, there is a huge upside for buyers to leverage in the short to medium term.

Significant Capital Inflows Driving Buying Pressure

Since May 2, the Chaikin Money Flow (CMF) indicator which tracks the inflow and outflow of capital on spot markets flipped positive for FET. Over the past 24 hours, it hit +0.21 indicating increased capital inflows and as at press time, it maintained the strong capital outlook with a reading of +0.10.

This swift increase in capital inflows was reflected in the Relative Strength Index (RSI) buying pressure with the bullish reading rising to 77 before dropping to its current level of 67. This successfully established the bullish break of the resistance level.

Spot traders can leverage the buying pressure for short term gains. A long position from the current market price of $2.45 would yield gains of between 25% - 35%, if price gets to $3 to $3.5.

FET Leads AI Ecosystem Tokens

A recent analysis by @Crypto_Dep of top AI tokens by social activity saw FET ranked as number one with over 1 million interactions across social media channels.

Social activity is important for cryptocurrencies, as the more social conversations a token is involved in, the more eyes and exposure it gets. This typically translates to significant interest in its price action.

Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.