Fetch.ai (FET) Price Hits Market Top, May Fail to Breakout, Triggers Pullback 🔥🔥🔥

Fetch.ai (FET) price broke through the key resistance level of $2.50 and is currently trading at $2.58. However, this did not trigger the expected rally as FET is facing potential selling pressure as the altcoin market peaks.

Market tops usually mark a peak in bullish activity, which may be followed by a correction and selling by investors. 95.3% of FET’s supply is profitable, which suggests that its price has formed a market top.

Price Daily Active Addresses (DAA) divergence also shows a possible sell signal. If the decline continues, FET holders may start selling their holdings.

Fetch.ai price broke through the $2.50 trading resistance level to $2.58, up nearly 18% in three days. This has allowed a break from a month-long consolidation, and FET may soon re-enter consolidation.

This is because the above situation indicates a bearish outlook for the asset. As a result, the price of Fetch.ai could lose the $2.50 support and fall to $2.26 or lower.

On the other hand, a rebound from the $2.50 support could lead to sideways momentum until the market cools down and demand remains high. This gradual rise could allow prices to continue to rise, invalidating the bearish argument.

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