Crypto Trader Predicts Further Downside For Fetch.ai (FET)

• Crypto Tony believes FET is currently more suited for those looking to short the crypto.
• The trader also added that there will be a time to long FET, but now is not that time.
• At press time, FET was trading hands at $0.2686 after a price decrease of more than 7% over the past day.

The crypto trader and analyst that goes by the name of Crypto Tony shared a post on Twitter yesterday where he shared his thoughts and possible predictions for Fetch.ai (FET). Looking at the FET/USDT 3-day chart, the trader believes FET is currently more attractive to short-term investors than those who are looking for a longer-term opportunity.

Fetch.al / Tether US 3D (Source: Twitter)

The post also stated that if FET drops below the support of $0.255, it could open the gates for traders to short the AI crypto. Crypto Tony added that there will be a time to long FET again, but he does not believe now is the time to do so.

The trader concluded the post by stating that the only way to long FET will be if the crypto could form a stable “base” around $0.26. Until then, he only sees further downside for FET, and believes the crypto could drop to the next major support at around $0.12 before making a move up.

At press time, FET was trading hands just above the crucial $0.255 support mentioned by Crypto Tony at $0.2686 despite a price decrease of more than 7% over the past day. This ended up pushing the crypto’s weekly performance even more into the red as FET was down -17.28% over the last seven days.

FET’s drop in price also caused it to weaken against Bitcoin (BTC) and Ethereum (ETH) by about 4.33% and 5.08% respectively throughout the past day. Meanwhile, the altcoin’s 24-hour trading volume experienced a 0.78% drop and stood at $38,305,084.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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