FET price rises 5% after Fetch.ai mainnet upgrade

• Fetch.ai network completed a Mainnet Upgrade, with validators reaching consensus with 2/3rds of validator voting power.
• The development has catalyzed a 5% gain in FET price, with early profit booking likely to ensue; 10% losses maybe incoming.
• Invalidation of the bearish thesis will occur once the AI crypto coin’s price records a higher high above  $0.7952.

Fetch.ai (FET) price has recorded massive volatility with massive candles over the past few weeks, as the AI cryptocurrency coins sector also reacted to the spot Bitcoin exchange-traded funds (ETFs) wave. However, the volatility increased as the countdown to the network’s mainnet upgrade drew close and now the “sell the news” play may be in the works for FET holders after a successful execution.

Also Read: Fetch.ai price risks a 10% drop as the 25-day EMA support lets loose

Fetch.ai completes mainnet upgrade

Fetch.ai network has completed its mainnet upgrade with validators reaching consensus with two-thirds of validator voting power. It occurred at block height 14,699,873 around 15:00 on January 15.

To facilitate the upgrade process, Binance exchange suspended deposits and withdrawals of FET tokens an hour prior to the upgrade.

Fetch.ai price prognosis as FET confronts key EMAs

Measured from a market range of between $0.1989 and $0.7958, Fetch.ai price is sitting above the support from the Fibonacci level at $0.6681. However, it faces stiff resistance due to the centerline of the Bollinger indicator at $0.6857, reinforced by the 25-day Exponential Moving Average (EMA) at $0.6787.

With selling pressure from these blockades weighing heavy on FET, Fetch.ai price is likely to crumble. Meanwhile, both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators are in the negative territory, effectively pointing to the bearish pull on FET price. This accentuates the bearish outlook.

If profit booking ensues, Fetch.ai price could dwindle, losing the support due to the centerline of the 50-day Exponential Moving Average (EMA) at $0.6336 before tagging the lower band of the Bollinger indicator at $0.6262.

In the dire case, Fetch.ai price could extend a leg lower to tag the most critical Fibonacci level, 61.8% at $0.5678, below which the price would risk invalidating the prevailing bullish outlook by breaching the 50% Fibonacci level of $0.4974.

FET/USDT 1-day chart

Conversely, a closer look at the Relative Strength Index (RSI) shows that it has executed a buy signal, crossing above the signal line (yellow band). Traders heeding this call could catalyze an extended climb for Fetch.ai price.

Increased buying pressure could enable Fetch.ai price to shatter the resistance due to the centerline and the 25-day EMA at $0.6857 and $0.6787 levels respectively.

A flip of these barricades into support could springboard FET price to the upper band of the Bollinger indicator at $0.7454, or in a highly bullish case, send FET to fill the market range at $0.7958. Such a move would denote a 15% climb above current levels.