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Information about Fetch.ai (FET)
Fetch.ai is a platform designed to connect algorithms and Internet of Things (IoT) devices to enable automated economic activities. Fetch.ai creates an ecosystem where economic activities in energy, supply chain, hotels, and transportation can occur autonomously by combining Blockchain technology and artificial intelligence (AI).
Fetch.ai’s technology has a three-layer structure: Autonomous Economic Agents (AEA), Open Economic Framework (OPF), and Smart Ledger. With this mechanism, Fetch.ai allows automating internal operations and creating a marketplace for information, data, energy, supply chain management, or hardware sharing services.
As a platform that combines future technologies, Fetch.ai creates an automated economy and can connect data, hardware, people, and infrastructure and bring efficient results optimally.
Fetch.ai token (FET) is a utility token of the Fetch.ai ecosystem, operating on the Ethereum platform according to ERC20 standards and used for the following purposes:
News
FET continues to struggle against strong selling pressure as it aligns with a broader bearish sentiment within the cryptocurrency market. Significant daily liquidations are occurring, indicating a reluctance among investors to buy, further complicating any recovery prospects for FET.
Recent analysis highlights a key support level for FET at approximately $0.295. Technical indicators point to a lack of buying pressure, suggesting that investors should remain cautious as FET may face further declines.
FET is currently at the 0.743 USD support level, historically a launchpad for price increases. Strong buying signals at this level could lead to a rally or a continuation of the bearish trend.
Recent declines in FET’s exchange reserves may reduce selling pressure. If buyer interest gathers at 0.743 USD, it may support a reversal, while a breakdown could push prices into a deeper bearish trend.
FET’s price dropped sharply by 20% in one week and over 40% in the past month because of adverse trends in AI cryptocurrencies. Mid-sized holders are offloading FET while larger investors continue to accumulate, causing uncertainty in the market.
The ADX index indicates strong bearish momentum, rising to 49.4. The crucial support level stands at 0.69 USD; if breached, it could lead to a drop below 0.50 USD, with larger holders increasing their stakes.
FET token’s price has reached its lowest in four months at $1.08 due to significant sell-offs by whale investors. This selling pressure has resulted in a negative market sentiment, reflected by a weighted sentiment score of -0.41.
Currently, FET is trading below its 20-day exponential moving average, indicating a bearish trend. If this decline continues, projections show that the price may fall to 0.70 USD.
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