Fetch.ai (FET) price dips as bears threaten bullish outlook

• FET price dipped 8% to support near $0.38
• Today’s sell pressure comes after FET/USD broke higher after a pennant pattern.
• Fetch.ai is a leading artificial intelligence related crypto project.

Fetch.ai price has retraced to support near $0.38 amid a broader crypto market dip that has Bitcoin again below $30k and Ethereum under $2k.

According to data from CoinGecko, the price of FET was down more than 8% in the past 24 hours on Wednesday morning, with the technical picture suggesting possible breakdown to a recent support zone.

This could be the case if bears take advantage of current weakness to force prices lower.

FET price prediction: bulls need to hold onto gains

Fetch.ai is an artificial intelligence-powered blockchain platform that seeks to enable full decentralisation of peer-to-peer transactions. The platform has announced new crypto trading products for DeFi users as the ecosystem embraces the benefits of artificial intelligence in trading.

The price of Fetch.ai has been one of the altcoins to profit from the sentiment around the AI in crypto narrative in 2023.

As can be seen in the Fetch.ai price chart below, FET/USD recently formed a bullish pennant – a technical indicator that usually suggests continuation on the upside.

FET also has the daily RSI flipping downwards from near the oversold territory, while the MACD remains above the signal line but is suggesting weakness. If bears take charge, the recent consolidation zone between $0.25 and $0.29 will offer a crucial buffer should market weakness continue.

On the upside, if more buy FET pressure materialises, a flip to the February highs of $0.60 could be possible in the coming days. The immediate outlook suggests the area around $0.40 should offer the main resistance before a +60% breakout to the aforementioned target.