Fetch.ai (FET) has recently demonstrated remarkable market resilience, exhibiting a strong rebound hinting at potential upward momentum. After a bullish period, the token reached an unprecedented all-time high of $3.46. However, this exhilarating rise was followed by a correction, during which FET retreated to $1.63 before finding support and rebounding.
At the time of writing, the token trades at $2.27, with a robust 24-hour trading volume of $462.93 million and a market capitalization of $1.56 billion. Over the past day, the token’s price has increased by a notable 4.83%, indicating renewed investor interest and potential bullish sentiment.
Analysts Predict FET’s $3 and $5 Targets
Crypto analyst ProfessorAstrones has shared an optimistic outlook on Fetch.ai’s price trajectory, urging market participants to broaden their perspective in anticipation of future developments.
With a sense of anticipation, the analyst forecasts ambitious price targets for the token, setting the initial milestone at $3 and the subsequent target at $5. These targets reflect optimism and suggest the potential for substantial appreciation in FET’s value over time.
Additionally, another crypto analyst, Crypto Feras, has supported these claims, making them stronger. This analyst provides details on support and resistance levels that are vital for the market. Importantly, the analyst highlights that, there exists a strong zone around $1.7 – $1.8, as well as a resistance level at $2.37.
According to their assessment, breaching the $2.5 threshold could catalyze further bullish momentum, potentially propelling the tokon towards the next target of $3.07. Moreover, surpassing this milestone might open the door to a phase of price discovery, wherein FET’s value could experience rapid appreciation.
However, the analyst also warns of possible bearish scenarios. Dropping below the key support area mentioned earlier $1.72 could mean changing market sentiment and thus lead to downtrend with target price at $1.2.
Related Reading | Uniswap Facing Resistance at $7.70: Analyst Eyes Short-term Rally Towards $10