Fetch.ai (FET) surges 13% in 48 hours amid bullish pattern

Fetch.ai (FET) has experienced a notable price surge over the past 48 hours, with its value increasing by more than 13%. This upward trend is part of a larger pattern, as the AI token has reported a monthly gain of 36.20%, reflecting the broader resurgence of the crypto bull market. A market analyst known as PlanD has identified a bullish pattern forming in the FET market, suggesting that the token is poised for further gains.

In a recent post, PlanD shared a technical analysis using an hourly trading chart. The analysis revealed that FET’s price action over the past two years has formed a bull flag pattern, a typical bullish indicator that signals the potential continuation of an uptrend after a brief consolidation period. The pattern consists of a flagpole, representing a strong upward price movement, followed by a flag/pennant, which is a small downward or sideways price movement. This consolidation phase is currently observed in the FET market.

The bull flag pattern suggests that FET is on the verge of a breakout. Currently trading at $0.84, the upper boundary of the bull flag stands at $1.71. If the market bulls can push the price above this level, FET is expected to rally to a price target of $9.33, representing a potential 1,050% gain from current prices. This prediction is based on the length of the initial flagpole, which saw FET’s price surge by 1,400% from $0.20 to $3.00 in 2024.

At the time of writing, FET is trading at $0.85, reflecting a market gain of 11.75% over the past seven days. The strong market participation, as indicated by the increased trading volume, could support further gains. However, analysts foresee a continuous market correction, predicting that FET could trade at $0.80 in the next five days and $0.60 in the next 30 days. Despite this, the overall sentiment remains bullish, with the Fear & Greed Index indicating Extreme Greed at 78.