Key Takeaways:
- Fetch.ai outperformed peers in 2023, thanks to the release of several new updates.
- FET coin price spiked more than 131% between Jan 1-Jan 11.
NEW DELHI (CoinChapter.com) — Fetch.ai has outperformed most of its peers in the crypto market in 2023. The AI-backed blockchain’s FET coin price spiked 131% since Jan 1 to reach a daily high of $0.208 on Jan 11.
FET price rally likely resulted from news of the release of several new updates in 2023. On Jan 5, Fetch released version 0.6.2 for its wallet. The latest update introduced enhanced privacy for messaging along with a feature to enable or disable read receipts.
Users might react positively to enhanced privacy features on the Fetch wallet, given the FUD in the crypto market. In addition, version 0.6.2 included bug fixes and performance improvement features. Once news of the release hit the wire, FET price spiked over 59% from Jan 6’s low of $0.106.
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Furthermore, on Jan 10, Fetch released version 0.6.0 for Jenesis, the platform’s command line tool for contract and service development. Other CosmWasm-enabled blockchains also use Jenesis. The new update incorporates an autocomplete feature and new back-end upgrades.
Additionally, version 0.6.0 introduced revised Docker task management tools and new contract templates.
FET Price Rally Faces Bearish Pressure From Overbought RSI
Fetch’s uptrend in 2023 helped the FET token reach a multi-month high of $0.208, which the crypto token last reached in early May 2022.
However, long wicks on the token’s recent daily candles suggest Fbears are selling to book profits. Additionally, bearish pressure likely spiked on Jan 11, as the FET coin price pared gains after jumping nearly 15% to form a daily high near $0.208.
Furthermore, FET coin’s recent rally pushed its relative strength index into the overbought region, currently clocking at 79.66 on the daily chart. Traders often consider overbought RSI an indicator of an upcoming bearish trend reversal and a sell signal.
If the bears continue selling, FET coin price might drop to test support near $0.18. Moreover, breaching below immediate support could result in the FET crypto token falling 20.4% from current levels to reach $0.158 before recovering.
On the other hand, if the Fetch.ai update news keeps attracting buyers to the market, the FET crypto token might rise to $0.22. A break and hold above immediate resistance could help FET coin price rise to $0.264 before downside corrections pare gains.
