Fetch.ai, boosted by the AI hype, is charting a 5-wave cycle on the daily chart. We're likely at the conclusion of Wave (3), approaching Wave (4), which is expected to hit the 38% to 61.8% retracement levels. However, it should not reach 61.8% as this would fall below the level of Wave (1). We anticipate the price stabilizing between a 38.2 and 50% retracement. For Wave (5), we expect to surpass the local high of Wave (3) significantly, although the exact target remains to be determined. We will provide updates, but a 100% increase is anticipated.
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For Fetch, we also believe that we might see another move downwards. Whether we will actually reach the 38.2% level for Wave (4) remains to be seen. Nonetheless, we are not making any changes and continue to anticipate a downward movement for Fetch. We will update you as soon as the limit order has been hit or if we break further upwards.
Order cancelled
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We are changing our limit order! Here we go, we respected the 138% level perfectly and we are now seeing a strong selloff on FET. We find ourself with a limit order on the 38,2% retracement at 2$. We don't expect FET to fall below the 50% retracement. As awlays we stay patient and wait for our opportunity to unfold
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Fet still looks pretty solid here, holding the blue support zone here. We hope to see another leg up on Fet before we continue the bearish trend. Please note that Fetch.ai is not only very likely to behave like other cryptos but is also very much affected by news about the ai development around the world. Still technically we would expect an uptrend as long as we can hold this demand
@jharbaugh2, NFA & DYOR, take (partial) profit IMO as 2.51 is becoming a resistance. Then re-enter on next supports 38.2% then 50%. High proba on 50% since currently FET has overheated a lot due to AI hype. Remember high volat. is a sign of (short term) trend reversal.