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Should You Buy Fetch Which Is Nearly Getting Big Support?

 


Fetch.ai's (FET / USD) utility token FET is designed to find, create, deploy and train autonomous economic actors. It's an integral part of smart contracts and oracles on the platform. However, the FET has had a tough few months as it lost over 50% in value from its November highs.

FET fell sharply after collapsing from crucial $ 0.64 support earlier this month. Many investors are still holding on to FET due to its strong fundamentals and expect a reversal soon.

FET is also approaching a long-term supportive trendline that could be a make or break level for FET, so a reversal is soon to be seen. However, investors need to be careful and not get in early as FET can still break off the trendline as the overall trend was bearish. So should you buy FET in hopes of a reversal?

  • FET was trending sideways but broke off the support at $ 0.64 and fell sharply earlier in the month.

  • FET also broke off the 200-day moving average, which could be a worrying point. Therefore, investors should wait for the FET to break the 200-day moving average before entering.

  • FET is now on the long-term supportive trendline which could be the point of reversal. However, investors must wait for a clear reversal before investing.

  • The RSI is also at the support level and very close to the oversold level, suggesting that buyers may return soon and trigger a reversal.

  • Investors can expect a target of $ 0.64, followed by $ 0.78 and $ 1 in the months ahead.

  • Investors need to be very careful and place a stop loss below the trend line.

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