FET Price Faces Downward Pressure Near $0.63; Will Support Hold?

Fetch.ai’s native token, FET, has been caught in a downward trend, trading near $0.614 after facing resistance at $0.63. Traders anticipate a potential drop toward $0.57, relying on the token’s strong support at this level. The price action is currently being reflected within a descending channel on the four-hour chart, with analysts highlighting multiple rejection points that signal weakened demand from buyers. Fibonacci retracement levels between $0.71 and $0.52 mark critical areas for bulls and bears to engage in.