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Fetch.ai (FET) has experienced a notable gain over the past 48 hours, with prices rising by over 13% within this period. The AI token continues to prove a favorable investment, reporting a monthly gain of 36.20% following the resurrection of the crypto bull market.
Interestingly, a market analyst with the X username Cryptododo7 and popularly known as Plan D has stated FET is likely headed for green days with a forming bullish pattern.
FET Bulls Gear Up For Major Price Rally
In an X post on May 23, PlanD shared a technical analysis on the FET market using an hourly trading chart from TradingView. Based on the presented chart, FET’s price action in the past two years has formed a bull flag pattern, hinting that the altcoin is on the edge of a breakout.
The bull flag is a typical bullish pattern that signals the potential continuation of an uptrend after a brief period of consolidation. It consists of a flagpole, which represents a strong upward price movement as seen in 2024 when FET’s price surged by 1,400% from $0.20 to $3.00.
Following this price rally, there is the flag/pennant, which is a small downward or sideways price movement resembling a flag on a pole. This consolidation is seen between 2024 and 2025, when FET retraces from its market top at $3.00 to below $0.25.
Thereafter, there is the price breakout, which represents the moment a token’s price crosses above the flag’s upper boundary, signaling a continuation of the upward trend. While FET currently trades at $0.84, the upper boundary of the bull flag stands at $1.71.
If the market bulls are able to command a decisive price close above this price mark, FET is tipped to produce a price rally similar to the length of the initial flagpole. Based on this calculation, PlanD predicts FET to hit a price target of $9.33, representing a potential 1,050% gain on the present market prices.
FET Price Prediction
At the time of writing, FET is trading at $0.85, reflecting a market gain of 11.75% in the past seven days. Notably, the token’s trading volume is up by 51.46%, indicating a strong market participation that could support a further market gain.
According to the price prediction site CoinCodex, investors’ sentiment is largely bullish, with the Fear & Greed Index indicating Extreme Greed at 78. However, CoinCodex analysts foresee a continuous market correction tipping FET to trade at $0.80 and $0.60 in the coming five and 30 days, respectively.
Featured image from iStock, chart from Tradingview
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
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