Top Analyst Issues Warning On FET Price Dramatic Swing
The cryptocurrency, Fetch.ai (FET), has been the center of attention for investors, traders, and market experts following its phenomenal price increase over the last month. With a growth of 262% in the past month and a half, it has become one of the best-performing cryptocurrencies in 2023.
However, the current outlook appears bleak. At the time of writing, the value of the token has declined by approximately 9% in the last 24 hours, prompting prominent analyst Michael van de Poppe to issue a warning to investors.
Fetch.ai (FET) Price Analysis: Potential For Gain vs Risk
According to Michael van de Poppe, more and more individuals are investing in Fetch.ai (FET) as the topic has become a hot topic on social media. He stated that while the potential for a high return on investment is limited, the risk of a downward trend is increasing.
In contrast, he noted that many alternative cryptocurrencies offer a potential gain ranging from 5x to 10x with minimal risk of loss.
At present, the price of FET is $0.50. Local support levels are well above the 200-day moving average and range from $0.25 to $0.30. Given the strong upward momentum in the market, there is a high chance for FET to continue its upward trend and potentially reach $0.75.
If the $0.75 level can be established as support rather than resistance, Fetch.ai (FET) would have a bullish chart structure, similar to what was observed in 2021. This could provide a strong foundation to attempt to break its all-time high of over $1.
Market analysts expect FET to consolidate its gains, which may result in a pullback to its nearest support level of $0.30. Due to the recent increase in market volatility and the bearish trend emerging, a decline to $0.30 is considered a possibility.
A rise to $0.75 from the current price would result in a 40% increase, whereas a drop below the $0.30 support level would result in a 44% loss.