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Why FET could crash

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Fetchai News

Cryptocurrencies,Technical Analysis

Fetch.ai (FET) price is encountering resistance at $1.65 this week, with current trading below $1.46 as of Friday.

Fetch.ai faces resistance at $1.65, the 61.8% Fibonacci retracement level in the weekly chart, and trades below $1.46 on Friday. On-chain data shows FET’s investors are booking profits, and supply on exchanges is increasing, signaling a bearish momentum. A weekly candlestick close above $1.65 would invalidate the bearish thesis. Fetch.ai price is encountering resistance at $1.65 this week, with current trading below $1.46 as of Friday.

The most recent uptick on June 27 also forecasted that FET is ready for a downtrend. FET Age Consumed chart On-chain data provider Santiment’s Network Realized Profit/Loss indicator computes a daily network-level Return On Investment based on the coin’s on-chain transaction volume. Simply put, it is used to measure market pain. Strong spikes in a coin’s NPL indicate that its holders are, on average, selling their bags at a significant profit.

 

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