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Fetch.ai (FET) has recorded a magnificent first month of the year, soaring 252% from $0.089 at the beginning of the month to a high of $0.31 on January 28, the highest level since May 4. The rally was significant, marked by a series of higher highs and higher lows, until January 21, when bears put their right foot forward, and the FET price began to consolidate.
At the time of writing, FET price was trading at $0.26, down by 7.8% on the last day. The token had a 24-hour trading volume of $40.81, which was 10% higher than the previous trading session. With a live market cap of $213.7, FET ranked 144 on CoinMarketCap.
Why FET Crypto Soared Across January
Technology platform Fetch.ai delivers global autonomous economic agent (AEA) solutions to developers. The AEA is a smart agent operating on behalf of the owner and with little to no interference to the owner’s organization. The solution is targeted at generating its owner’s economic value, which conforms to the platform’s motivation to build the autonomy of things.
In the past several months, developers have suggested five different governance proposals, the most recent being to increase the number of active validators on the Fetch network to 70.
Following a recent developer announcement about in-house on-chain governance for the Fetch.ai ecosystem, however, FET price has done exceedingly well with a medium announcement noting that the on-chain governance structure will deliver myriad benefits.
In #decentralized networks, not only are the benefits distributed, but also the responsibilities.
Here is a comprehensive overview of all https://t.co/kJ9URVpOul's governance votes until 2023, including an intro to this very concept 👇https://t.co/BwWtcco5is
— Fetch.ai (@Fetch_ai) January 12, 2023
Among the reasons behind the FET price surge across January include the changing monetary policy conditions after the U.S. Consumer Price Index (CPI) report showed that inflation has dropped to the lowest level in months. Like Bitcoin (BTC) and Ethereum (ETH), FET price also surged.
CPI Report Shows Inflation is Dropping…Fed Chair Powell is Happy https://t.co/s7Y4QUps1L
— CryptosOnline.com (@Crypto88888) January 12, 2023
Fetch.ai crypto price also soared following the platform’s move to embrace Binance. While Binance.US allowed FET token staking in 2022, the world-leading crypto exchange recently introduced Fetch futures with up to 20x leverage. Noteworthy, its perpetual contracts will increase FET token access.
📢 We are thrilled to share that #FETUSDT perpetual contracts are launched by @BinanceFutures!
The #Futures will offer up to 20x leverage and will use multiple assets as margin.
Please, #DYOR and trade responsibly.https://t.co/GYQHgpH8Oo
— Fetch.ai (@Fetch_ai) January 13, 2023
Also supporting the FET price surge across the month is the developers’ Jenesis v0.6.0 upgrade.
Here we are with our weekly round-up summary!
Some of the highlights 👇
– https://t.co/kJ9URVpOul’s Jenesis Tool v0.6.0. is live!
– Twitter Spaces on Jenesis
– Governance overview blog… & and more! pic.twitter.com/mm1PQ8A6xH
— Fetch.ai (@Fetch_ai) January 15, 2023
The upgrade’s main components include its full autocomplete feature, back-end upgrades, and revised docker task management.
Bears’ Grip Tightens For FET Price, Will Bulls Recover?
Fetch.ai (FET) price has been consolidating within the $0.2511 and $0.312 levels since January 20, with bears canceling all the ground bulls covered. During the Saturday trading session, bulls attempted a breakout before the bears nullified the premature attempt to begin the week with the FET price in the bears’ grip.
The price confronted the immediate resistance due to the 78.6% Fibonacci retracement at $0.2646. A daily candlestick close above the immediate resistance would give bulls the voice to influence FET price.
With a say in the Fetch.ai market, bulls could target the formidable resistance at the 100% Fibonacci retracement at $0.3123. Notice they made a similar attempt during the weekend, meaning they would have to garner higher momentum than before to retest a breakout past this barrier.
In highly ambitious cases, the bull could target the 123.6% Fibonacci retracement at $36.50, marking a 40.04% increase from the current levels and 310.7% above the support floor.
FET/USD Daily Chart
The bullish outlook was supported by the position of the Simple Moving Averages (SMAs). The 50-day SMA at $0.1691, the 100-day SMA at $0.12.12, and the 200-day SMA at $10.40 provided possible levels for a breather in case bulls were looking for possible areas to organize a retaliation.
In addition, given the Relative Strength Index’s (RSI) position at 58, there was still more room for the upside, and bulls could still raise the price of the Fetch.ai token. The Moving Average Convergence Divergence (MACD) was also moving in the positive region above the zero line, which means there were still some buyers in the market.
On the downside, if buying momentum continues to drop, bears could lower the FET price. In this case, the logical targets would be the 50%, 38.2%, and 23.6% Fibonacci retracements at $0.2, $0.17, and $0.14 levels. In extreme cases below these levels, investors would be spooked, and selling pressure would increase, likely leading to FET price tagging the $0.089 support floor.
However, the RSI moving downwards indicated that investors’ buying momentum was losing against selling momentum and that the FET price was heading lower. Similarly, the MACD indicator was also tipping downwards, with the histograms flashing red from pale green, a sign of increasing overhead pressure.
Lucrative Alternative
Meanwhile, while the fate of the Fetch.ai token (FET) remains unknown, why not shift your focus to the next big thing in crypto 2023, FGHT, the native token of the Fight Out play-to-earn (P2E) project? The project’s presale for its native FGHT token is ongoing, having raised $3.60 million so far, with seasoned analyst Jake endorsing in his YouTube analysis as one of the tokens to look out for this year.
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