Fetch.ai (FET) price has been experiencing challenges in holding above $1.71, with its latest attempts marking the second failure in three months. However, recent shifts in market conditions suggest that FET may be positioning itself for a potential recovery.
While FET has faced resistance, upcoming developments could encourage a positive shift in sentiment for this altcoin.
ASI Completes Key Integration
One of the biggest triggers for recovery in FET price is the successful integration of the CUDOS mainnet to the Fetch.ai mainnet. As part of the Artificial Superintelligence Alliance (ASI), this integration allows the Alliance to expand and strengthen as AI’s domination grows in the crypto market.
“The CUDOS mainnet is now fully integrated, with all CUDOS — including staked CUDOS — seamlessly merged into the Fetch.ai mainnet. This network merger follows the predefined token merger ratios and a 3-month linear vesting schedule,” Fetch.ai noted.
In addition to this, the FET’s correlation to Bitcoin currently stands at -0.17, indicating a negative relationship between the two. This typically suggests that when Bitcoin rallies, FET may experience a contrasting trend.
Generally, such negative correlations are viewed cautiously, as Bitcoin’s movements heavily influence the crypto market. However, for FET, a negative correlation historically signals the onset of a recovery phase. This inverse relationship provides FET an opportunity to diverge from broader market trends.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
FET Correlation to Bitcoin. Source: TradingView
FET Price Prediction: Barriers Ahead
FET has climbed 9% over the past four days, although these gains have yet to provide substantial returns for investors. The next significant resistance for FET lies at $1.40, a barrier that must be overcome before a reattempt at the $1.71 mark. This level is crucial in determining the altcoin’s next move.
Given current indicators, FET could benefit from gradually building bullish momentum, creating the potential to breach $1.70 once more. Investors are optimistic about these prospects, particularly as FET approaches critical resistance levels that may enhance its upward potential.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
FET Price Analysis. Source: TradingView
If FET fails to surpass the $1.40 resistance, the price may drop back to $1.04, a critical support level. Falling to this level could limit further losses but would challenge the bullish outlook, making it essential for FET to stabilize and prevent a more significant downturn
Read the full article here
