Fetch.ai (FET) Faces Bearish Trend, Dips 2.93% Amid High Trading Volume

Fetch.ai (FET) has been experiencing significant volatility in the past 24 hours. The cryptocurrency started the day at approximately $2.2047 but faced a downward trend, dropping to a low of around $2.050. This decrease highlights the bearish momentum throughout most of the trading session. However, after hitting the day's low, Fetch.ai recovered, climbing to a recent value of $2.14. 

Despite this rebound, the overall movement reflects a net decrease of 2.93% over the last day. The recovery phase indicates some buying interest at lower price levels.

The price fluctuations in Fetch.ai have also affected its market capitalization, which fell by 3.32% to approximately $1.81 billion. This positions Fetch.ai at rank #53 among cryptocurrencies. In contrast, the trading volume dramatically increased 66.71%, totaling $153,805,453 traded over the past day. The surge in volume during a downtrend suggests significant trading activity, indicating that larger investors might be taking positions or there is a high level of market uncertainty.

FETUSD Technical Outlook

The recent price action of FET indicates critical resistance near the day's starting high at $2.2047. If Fetch.ai attempts another upward movement, this level could again pose a challenge. Conversely, the recent low at $2.050 may serve as a short-term support level. Traders will be closely monitoring these boundaries to predict the next significant move. 

The price stabilizes around $2.14, making close observation of market dynamics and trading volume crucial for forecasting future trends. Investors and traders should also consider broader market sentiments and potential news affecting the AI and blockchain sectors, as these could heavily influence Fetch.ai's price movements in the coming days.

Price Action Outlook: Can FET Outperform Ahead?

The daily chart of Fetch.ai shows neutrality and uncertainty. Until the 20-day EMA mark is breached, the trend remains neutral. A break and close above the $2.50 mark would validate the buying pressure. The token has a monthly return of -3.50% and a yearly return of 787%. Analysts are bullish and suggest that the FET price may gain momentum and outperform in the upcoming sessions.

The Relative Strength Index (RSI) curve is near the midline region, close to 49, with a convergence of the signal line and the RSI line observed. According to Fibonacci levels,

Concurrently, recent data indicates a significant increase in Fetch.ai's development activity, with a rise of over 32% to 3.55, reflecting a bullish outlook. Social dominance data also shows a surge of over 9.89% to 0.371%, possibly driven by growing investor interest in social media platforms related to artificial intelligence projects.

The immediate support levels for Fetch.ai are at $2 and $1.80, with key resistance levels around $2.60, followed by $3. The increased interest in AI tokens and positive developments in Fetch.ai's project could lead to further price increases if the token breaks through these resistance levels.