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Fetch.ai (FET) was among the altcoins that stole the show as AI cryptocurrency market cap skyrocketed to $24 billion. However, the latest corrections in the digital assets space weighed on all tokens.
Nonetheless, Fetch.ai avoided a potential 15% slide with a modest price drop. It displays stability after a 1.15% jump in the past day to trade at $2.65.
Whales rescue FET
Increased purchases by large-scale investors contributed to the limited price drop. Santiment shows Fetch.ai wallets holding 1 million to 10 million tokens have scooped around 18 million assets within the past two days.
The stash (worth over $50M) brought their overall balance to 327.82 million coins.
Thus, the FET price rebounded to $2.78 during this publication. The alt almost locked the $2.37 intraday low as the trading price before the dip-pocketed investors joined.
FET’s stability
Besides the Whale action, Fetch.ai has a reliable support barrier at $2.26 – the upper boundary of the range where investors bought around 394 million tokens (worth over $1.1B), according to IntoTheBlock.
Therefore, the alt will rebound from this footing should it drop further, as traders will likely refrain from profit-taking to avoid losses.
Moreover, FET showcases upward momentum on its 4-hour price chart, with volumes surging as players dip-buy. Analysts trust the upcoming AI conference might catalyze upswings toward the $3 mark.
$FET H4
— Crypto Kindie (@CryptoKindie) March 15, 2024
Continues to impress on the 4 Hour 😍#FET looking good since breaking downtrend, volume increasing, dips being bought. With a major #AI conference on the 18th, @Fetch_ai should do well.
On the $BTC flush today, FET bulls bought back the dip super fast, maintained… pic.twitter.com/tfq8k5GSx3
FET price almost plunged to $2.37 before rebounding to its current value areas. That shows the alt retains some bullish momentum.
Further, it hovers beyond the 50-d Exponential Moving Average, securing itself from losing the support at $2.46.
Nevertheless, enthusiasts should watch actions in the broad crypto space as FET price remains susceptible to overall market sentiments.
A sudden bearish attack could see the token losing its footing at $2.46, which might send Fetch.ai prices to $2.26 and below, canceling the highlighted bullish narrative.
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