The price of Fetch.ai (FET) at the moment shows bullish prospects, and it will likely succeed with the help of investors.
This altcoin also relies on Bitcoin to benefit from the post-Halving price increase.
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Fetch.ai investors remain optimistic
Whale actions have affected Fetch.ai 's price in the past. This seems to be once again the good conditions this Altcoin has. Amid the sideways movement observed over the past few days, the whales have changed their stance from HOLDing to accumulating.
Specifically, in the past 48 hours, addresses holding between $100,000 and $10 million worth of FET saw a $59 million increase in their asset holdings. This is a sign of increased optimism and expectations for a price increase in the near future.
Amount of FET held by whale wallets. Source : IntoTheBlockThis upward trend may come sooner for many reasons. One of them is the correlation between FET and Bitcoin prices. The world's largest cryptocurrency just went through its halving event, which happens every four years and cuts mining rewards in half.
Correlation between FET and Bitcoin. Source : IntoTheBlockThis causes a supply shock, leading to an increase in BTC price. As a result, Altcoins also feel the impact of this price increase and the correlation between FET and BTC is currently 0.85.
FET price prediction : Suggesting a bullish reversal pattern in an uptrend
Fetch.ai 's trading price at 2.42 USD is witnessing the formation of a double Dip pattern. This bullish technical formation is characterized by two consecutive Dip at near the same level, indicating a possible reversal from a downtrend to an uptrend.
FET broke the neckline marked at $2.28 last week but has Unconfirmed the pattern. The target set by the model is 14.72% above the neckline, still 8% away from the trading price.
FET/ USDT 6-hour chart. Source: TradingViewTherefore, Fetch.ai 's price has room to increase in the coming days. But if the market registers bearish signals in favor, this altcoin could fall to test the neckline at $2.28 as support. A break of this line will invalidate the bullish thesis, pushing Fetch.ai 's price back to $2.10.
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