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#tiếp continued p3. #fetch.ai
Why could Fetch.ai (FET) face a major correction in April 2024?
🌏#2. Meme coin is taking most of the cash flow from retail investors
A second reason why the upward momentum of AI-themed projects is no longer strong is because the capital flows of individual investors and new investors are focusing mainly on meme coins. Recent reports said that the meme coin market capitalization exceeded $60 billion in March, and daily trading volume exceeded $10 billion.
The meme coin wave has continuously named a series of meme tokens that increased by hundreds to thousands of percent and brought with it the attention of new investors (for example: Catcoin (CAT), Dogwifhat (WIF)…) . This makes other narratives such as Real World Asset, AI, Restaking... although highly appreciated, the price increase margin cannot be compared to the meme.
♨️#3. NVDA stock price is a good indicator to track the Crypto market AI wave
The AI wave in the Crypto market is driven by the AI wave of the technology world. The most obvious manifestation is the stock price of AI-related technology companies. Leading this group is NVDA. Therefore, NDVA stock can be a good indicator for predicting AI trends in general.
🥰Fetch.ai (AI), a project to build a decentralized machine learning network, is no exception to those influences. While NVDA stock has just set its first red weekly candlestick after a series of 11 consecutive weeks of green candlesticks, although there is no sign of a reversal, it is likely that the first week of April will be a difficult fluctuation.
Why could Fetch.ai (FET) face a major correction in April 2024?
🌏#2. Meme coin is taking most of the cash flow from retail investors
A second reason why the upward momentum of AI-themed projects is no longer strong is because the capital flows of individual investors and new investors are focusing mainly on meme coins. Recent reports said that the meme coin market capitalization exceeded $60 billion in March, and daily trading volume exceeded $10 billion.
The meme coin wave has continuously named a series of meme tokens that increased by hundreds to thousands of percent and brought with it the attention of new investors (for example: Catcoin (CAT), Dogwifhat (WIF)…) . This makes other narratives such as Real World Asset, AI, Restaking... although highly appreciated, the price increase margin cannot be compared to the meme.
♨️#3. NVDA stock price is a good indicator to track the Crypto market AI wave
The AI wave in the Crypto market is driven by the AI wave of the technology world. The most obvious manifestation is the stock price of AI-related technology companies. Leading this group is NVDA. Therefore, NDVA stock can be a good indicator for predicting AI trends in general.
🥰Fetch.ai (AI), a project to build a decentralized machine learning network, is no exception to those influences. While NVDA stock has just set its first red weekly candlestick after a series of 11 consecutive weeks of green candlesticks, although there is no sign of a reversal, it is likely that the first week of April will be a difficult fluctuation.
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#tiếp continue p2. #fetch.ai 🥵🥵🥵
Why could Fetch.ai (FET) face a major correction in April 2024?
😵💫Observing the history of FET prices over the past three years, every time the 1W peak divergence signal appeared, it was followed by a very strong decline from 70% to more than 90%.
🏪
If this time the FET price also follows the past pattern, then the 80% decline could cause FET to drop to 0.7 USD - 0.8 USD. Regardless of whether this scenario happens or not, the above signals also agree that the price scenario is highly likely to adjust in April.
Technical observations of the daily frame point to important supports for FET🛣
Looking at the FET price line in the daily frame, it can be seen that since February 2024 until now, FET's uptrend of nearly 580% has completed 5 basic Elliot waves. And after 5 basic waves, there may be a correction wave.
♨️♨️♨️
Technical analysis of day frame FET.
If a correction in April takes place, FET price may react well at the supports of 2.4 USD and 1.7 USD, equivalent to the EMA34 and EMA89 lines in the daily frame. These are also the price levels that showed a good reaction in the recent uptrend. If any investor continues to expect FET to continue to make a breakthrough in 2024, the above support areas are good opportunity areas to buy FET.
#còn continued p3.
#BinanceVietnamSquare
Why could Fetch.ai (FET) face a major correction in April 2024?
😵💫Observing the history of FET prices over the past three years, every time the 1W peak divergence signal appeared, it was followed by a very strong decline from 70% to more than 90%.
🏪
If this time the FET price also follows the past pattern, then the 80% decline could cause FET to drop to 0.7 USD - 0.8 USD. Regardless of whether this scenario happens or not, the above signals also agree that the price scenario is highly likely to adjust in April.
Technical observations of the daily frame point to important supports for FET🛣
Looking at the FET price line in the daily frame, it can be seen that since February 2024 until now, FET's uptrend of nearly 580% has completed 5 basic Elliot waves. And after 5 basic waves, there may be a correction wave.
♨️♨️♨️
Technical analysis of day frame FET.
If a correction in April takes place, FET price may react well at the supports of 2.4 USD and 1.7 USD, equivalent to the EMA34 and EMA89 lines in the daily frame. These are also the price levels that showed a good reaction in the recent uptrend. If any investor continues to expect FET to continue to make a breakthrough in 2024, the above support areas are good opportunity areas to buy FET.
#còn continued p3.
#BinanceVietnamSquare
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