Fetch.ai (FET) Price Falls to 5-Month Low Ahead of ASI Merger
beincrypto.com 13 July 2024 09:20, UTC Fetch.ai’s (FET) price, instead of rising ahead of the ASI merger, ended up noting a sharp decline as the broader market dipped.
However, as the merger gets closer with less than 72 hours remaining, it might be a good and also potentially the last chance to rack up on FET.
Should Fetch.ai Investors Buy?
Fetch.ai’s price at $1.04 is exhibiting potential buying opportunity in the form of a low Market Value to Realized Value (MVRV) ratio.
The MVRV ratio measures investor profit/loss. Fetch.ai’s 30-day MVRV at -15% signals losses, potentially prompting buying. Historically, FET MVRV between -10% and -32% MVRV often precedes rallies, terming an opportunity zone for accumulation.
Secondly, Fetch.ai’s MACD is nearing a flip above the zero line, indicating a potential shift toward bullish momentum. This change suggests that the asset’s price trend could soon enter a positive phase.
Additionally, Fetch.ai has been observing an uptrend along with the formation of a double-bottom on the indicator. This pattern often signals a strong bullish reversal, further supporting the potential for price recovery and growth.
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FET Price Prediction: Recovery Ahead?
Fetch.ai’s price will likely witness some to none growth as the market stabilizes. Plus with the ASI merger scheduled for July 15, investors will likely to see some positive change before making a move with the crypto asset.
This could keep FET stuck between $1.04 and $1.71, which has been a consolidation zone for the altcoin before. The lack of optimism may prevent a breach above the upper limit.
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However, if the merger pumps adrenaline into the artificial intelligence (AI) market, a surge in price can be expected. This could help Fetch.ai’s price breach the resistance at $1.71, invalidating the bearish-neutral thesis.
