The price of fetch.ai (fet) sinks because bears threaten the interest bullies

• The FET price fell 8 % and supported near
• Today's sales pressure arises after the FET/USD has broken out according to a pennant pattern.
• fetch.ai is a leading crypto project in connection with artificial intelligence.

The fetch.ai price has decreased and supports close to $ 0.38 in the middle of a wider decline in the cryptom market, in which Bitcoin is again below $ 30,000 and Ethereum below $ 2,000.

According to the data from Coingecko, FET's price has fallen by more than 8 % in the last 24 hours on Wednesday morning, whereby the technical image indicates a possible collapse in a current support zone.

This could be the case if bears use the current weakness to push the prices down.

FET price forecast: Bulls have to stick to price gains

fetch.ai is a blockchain platform based on artificial intelligence, which is intended to enable a complete decentralization of peer-to-peer transactions. The platform has announced new crypto trading products for Defi users because the ecosystem uses the advantages of artificial intelligence in stores.

The price of fetch.ai was one of the old coins that benefited from the mood around the AI in the crypto narrative in 2023.

as can be seen in the fetch.ai-preischart below, FET/USD recently formed an interest bullish pennant-a technical indicator that normally indicates a continuation of the upward movement.

fet also lets the daily RSI tip down from near the oversized area, while the MacD remains above the signal line, but indicates weakness. If the bears take command, the latest consolidation zone between $ 0.25 and $ 0.29 will offer a decisive buffer if the market weakness continues.

On the upper side, an increase to the February high stalls of $ 0.60 could be possible in the coming days if there is more FET purchase pressure. The immediate outlook indicates that the area should offer the main resistance by $ 0.40 before an outbreak of +60 % to the above target.