Fetch.ai Surges Past $1.85, Eyes $3 Target
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The Key Takeaways:
- The altcoin FET (Fetch.ai) has broken through a critical resistance level at $1.85.
- 82% of FET holders are currently in profit.
- Decreasing selling pressure and increasing open interest indicate further growth potential.
- Analysts speculate about a possible rise to $3 by the end of the year.
What is FET and why is it relevant?
FET is the token of the Fetch.ai project, which is built on the Ethereum blockchain. It focuses on leveraging artificial intelligence (AI) and machine learning to develop decentralized solutions for various industries. In the current market environment, FET has benefited from positive technical and fundamental factors, making it an interesting altcoin.
Reduced selling pressure strengthens the price
A key factor behind the recent price increase is the significantly reduced selling pressure. According to data from IntoTheBlock, net deposits to crypto exchanges have dropped significantly compared to the 7-day average. This indicates that many investors are holding onto their FET positions rather than selling them. This restraint creates a solid foundation for further price gains.
Rising open interest signals market interest
Another positive indicator is the rising open interest, which refers to the number of open derivative positions on FET. According to Coinglass, open interest has reached its highest level since March, when FET recorded its all-time high. This suggests growing interest from traders and is often interpreted as a sign of bullish market sentiment.
Technical analysis: Breakthrough at $1.85
From a technical perspective, FET has recently broken through an important bullish pattern—the so-called “Bullish Pennant.” In doing so, it surpassed the resistance level of $1.85, signaling a potential further price increase. The next significant resistance lies at $3.45. Analysts are speculating whether FET might reach the $3 mark before the end of the year.
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What are the chances of hitting $3?
The combination of reduced selling pressure, rising open interest, and a successful technical breakout supports further growth. However, the crypto market remains volatile, and external factors such as macroeconomic developments or regulatory changes could influence the momentum. Investors should therefore remain cautious and closely monitor developments.
Our assessment
FET is currently showing strong performance, backed by solid fundamental and technical indicators. The breakthrough at $1.85 and the increasing market participation are promising. Whether the $3 mark will be reached by year-end depends on the overall market sentiment and potential external influences. For interested investors, FET could be an exciting option, but risks should always be considered.
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