Bullish trend in FET coins: further rise on the horizon?

Fetch.ai Coin (FET) price currently has a bullish outlook that is likely to succeed with the help of investors.

The altcoin also relies on Bitcoin to benefit from an uptrend after a downturn.

Fetch.ai investors remain optimistic

Whale actions have affected the price of Fetch.ai in the past, which appears to be a requirement for the altcoin again. Amid the lateral movement observed in recent days, the whales have changed position from holding to accumulating.

Over the past 48 hours, addresses holding assets worth between $100,000 and $10 million saw their holdings increase by $59 million. This is an indication of increased optimism towards the rise.

Read more: Fetch.ai (FET) Price Forecast for 2024, 2025, 2026, 2027

This rally could come sooner rather than later for several reasons, including the correlation between FET stocks and Bitcoin. The world's largest cryptocurrency just underwent a halving event, which occurs once every four years and cuts mining rewards in half.

This creates a supply shock, causing the price of Bitcoin to rise. Therefore, altcoins are feeling the impact of this rally and FET shares a 0.85 correlation between these assets.

FET Coin Price Forecast: Bullish Reversal Pattern Foreshadows Upside

Witness the price Recover.ai Which is trading at $2.42, forming a double bottom pattern. This bullish technical pattern is characterized by two consecutive lows at approximately the same level, indicating a potential reversal from a downtrend to an uptrend.

FET broke the identified neckline at $2.28 last week but has yet to validate the pattern. The target set according to the model is 14.72% above the neckline, which remains 8% of the stock price.

Therefore, the price of Fetch.ai may increase in the coming days.

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But if the market notices that bearish signals are taking precedence in the market, the altcoin might refuse to test the neckline at $2.28 as support. Loss of this line could invalidate the bullish thesis, pushing Fetch.ai price to $2.10.

As for the prices of digital currencies, the price of Bitcoin increased by 0.39%, the Ethereum currency decreased by 1.05%, the Tether currency recorded an increase of 0.05%, as well as the BNB currency. by 1.01%, as for the Solana Currency it recorded an increase of 0.77%, and you can discover the rest Cryptocurrency prices Thanks to the link.