- •FET price remains weak with no confirmed wave c of (B) after brief B-wave bounce.
- •Critical resistance at 78.6% Fibonacci retracement level (~$0.362); support near $0.26 and $0.19.
- •Market sentiment impacted by Ocean Protocol selling pressure and technical stagnation.
The latest chart analysis for Fetch.AI ($FET) from More Crypto Online paints a cautious picture as of October 21. The cryptocurrency, trading on Binance, continues to exhibit a weak trend despite some sector-wide upside momentum. The chart, spanning a year, highlights a significant downtrend with no clear indication that the anticipated wave c of (B) has begun.
This follows an earlier observation on October 19, where a B-wave bounce was noted, sparking brief optimism among holders. However, the latest update suggests that this bounce may not yet translate into a sustained recovery.
Technical Support and Resistance Levels to Monitor
Technical indicators on the chart reveal key support and resistance levels. The price has hovered around a 78.6% Fibonacci retracement level (0.3621300), a critical zone for potential reversals. Yet, the absence of a confirmed wave c of (B) indicates that sellers remain in control.
The 50% and 61.8% retracement levels (0.2621726 and 0.1941682) have acted as support, but the overall trajectory leans bearish. This stagnation comes amid broader market dynamics, including mentions of dumping linked to the Ocean Protocol, which may be impacting investor sentiment.
Outlook: Patience Required Amidst Technical Uncertainty
For traders, this presents a mixed bag. Accumulation at lower levels, as seen with some buying at $0.26, could signal a base formation if buying pressure increases. However, without a breakout above resistance, the risk of further declines persists. The Artificial Superintelligence Alliance, of which FET is a part, continues to draw attention, but fundamentals alone may not suffice without technical confirmation. Investors are advised to watch for a decisive move above the $0.36 level to signal a potential rally, while support near $0.19 could offer a safety net. The crypto market evolves, FET’s next moves will hinge on broader AI token trends and internal project developments. For now, patience and careful analysis remain key.