Fetch.ai (FET) is exhibiting classic signs of a long-term re-accumulation phase, according to technical analysis, even as its price faces short-term selling pressure. The token has retreated nearly 97% from its all-time high but has found a critical support zone between $0.19 and $0.20. This area coincides with the lower boundary of a broad ascending channel that has contained FET's price action since 2020, creating a significant technical confluence.
Analyst CryptoPatel highlights that holding above this $0.19 support is crucial for maintaining the bullish macro structure. From this foundation, long-term price targets have been outlined at $0.60, $1, $2.80, $5, and even $10, which align with historical value zones and the channel's upper boundary. A move toward $5-$10 would represent a gain of up to 5,000%, but analysts stress this is contingent on broader AI narrative strength and overall market recovery, not a short-term promise.
In the near term, FET has faced heavy selling, declining 11% amid weakening broader market sentiment. However, key on-chain and technical metrics suggest underlying accumulation continues. Trading volume surged 145% to approximately $145 million, indicating heightened participation. The Accumulation/Distribution (A/D) indicator remains skewed toward accumulation, with roughly 697 million FET tokens accumulated, and the Chaikin Money Flow (CMF) sits at a positive 0.09, signaling buyer control of momentum.
Furthermore, a dragonfly doji candlestick pattern has formed on the charts, often a signal for a potential trend reversal during a downtrend. For a sustained recovery, FET must overcome key resistance levels, starting at $0.27 (previous support), then $0.31 (previous peak), and ultimately the $0.34 zone.
The broader AI token sector has seen a short-term pullback, with its total market cap down 1.79% to $19.64 billion. Despite this, the sector remains up 16.59% from its longer-term baseline, with trading volume holding at $3.34 billion, suggesting the weakness is a market-wide correction rather than an asset-specific issue.
