Fetch [FET] hits the obstacle at 61.8% Fib level – Are more gains unlikely?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Fetch [FET] oscillated around $0.371 – $0.490 over the last few days before breaking below the range. However, bulls found steady ground at $0.298 on March 12, pushing the price back into its previous range only to face rejection at the range’s upper boundary. 

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At press time, the AI-focused token’s value was $0.4310, down 10% in the last 24 hours. However, FET could benefit from a renewed AI narrative. 

OpenAI released its latest and advanced ChatGPT-4 as a Google-backed Anthropic also rolled out a “safer” rival AI chatbot called Claude. This marked a renewal of the AI-wars that could boost AI-focused tokens like Fetch [FET], as seen in the past trend. 

Source: FET/USDT on TradingView

After price rejection at $0.61, FET retraced and entered a consolidation range (white, dotted), but broke below it. The drop was checked by the $0.23-support, thrusting FET into a strong recovery. The 61.8% Fib level hurdle could be cleared as AI narrative floods socials in the next few hours. Therefore, FET could surge to the bearish order block and 78.6% Fib level of $0.5423 or to overhead resistance at $0.6089 if it closes above the 50% Fib level ($0.4533). Such a move could offer two possible trades. 

First, a risky approach targeting the 78.6% Fib level ($0.5423). The entry will be above $0.4533 with a stop loss at 23.6% Fib level ($0.3711). The second option is a $0.6089-target with similar entry and stop loss levels. Each will offer an RR of 1:2.5 and 1:4, respectively. 

On the other hand, a close below 23.6% Fib level