Technical Analysis

Cryptocurrency Fetch.AI Looks Supportive And AttractiveAug 30, 2023

Cryptocurrency Fetch.AI Looks Supportive And Attractive from technical point of view and from Elliott wave perspective.

Cryptocurrency Fetch.AI with ticker FETUSD made an impulsive five-wave rally at the beginning of 2023, which suggests a bullish continuation from an Elliott wave perspective. Since then, we can see it slowing down within a higher degree (A)-(B)-(C) correction before a bullish trend resumes, which is completely normal, as in Elliott wave theory, there’s always a corrective slow down once a five-wave cycle is completed.

With a recent spike down into interesting support levels and key 78.6% Fibonacci retracement, it may be finishing a final subwave 5 of (C) of an (A)-(B)-(C) correction, especially due to the news that Grayscale won its case against SEC. However, to confirm a completed correction and put bulls back in the game, we have to see an impulsive recovery back above the 0.30 first bullish evidence level. The bullish confirmation level is above 0.45 region.

Cryptocurrency Fetch.AI Looks Supportive And Attractive FETUSD Daily Chart
FETUSD Daily Chart

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