FET price may have bottomed at $0.23, showing signs of easing bearish pressure as the Ocean Protocol saga unfolds and Fetch.ai announces a weekly 50 FET burn per wallet registered on asi1.ai.
Summary
- FET price has bounced from a $0.23 bottom, with technicals (7-day SMA, RSI) suggesting bearish momentum may be easing.
- FET recent crash was driven by renewed U.S.–China trade tensions and the Ocean Protocol fallout.
- Fetch.ai CEO Humayun Sheikh plans to pursue class-action lawsuits across multiple jurisdictions over the disputed token transfers by Ocean Protocol.
- The Fetch Foundation announced weekly burns of 50 FET per wallet registered on asi1.ai.
Fetch.AI (FET) price appears to be in the early stages of a potential recovery after what looks like a bottom around the $0.23 level. The token has bounced from that zone, currently trading near $0.26.
Importantly, FET price is attempting to reclaim the 7-day SMA, a sign that short-term momentum is beginning to shift back in favor of buyers. The RSI is also showing the first signs of divergence: while FET price recently made a lower high, RSI formed equal highs. The indicator is now curling upward from deeply oversold territory near 27, suggesting that bearish momentum may be nearing exhaustion.
If FET price can sustain above the newly established support zone at $0.23 — ideally with decreasing selling volume — accumulation could gradually build, laying the groundwork for a potential recovery toward $0.40 (the 0.382 Fib level, which was broken on October 10 during the broader crypto market sell-off triggered by renewed trade tensions). A successful rebound above this level could pave the way for a further push toward $0.60, the previous consolidation base that gave way prior to the October 10 flash crash.
Looking ahead, a successful reclamation of $0.40, along with RSI recovery above 30 from deeply oversold territory, would serve as an early signal that a reversal may be underway.
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Author: Darya Nassedkina
