Analyst Predicts FET Could Surge to $5 Despite Recent Market Dip

Crypto analyst Il Capo of Crypto has shared an optimistic view on the altcoin FET, despite its recent struggles in the market.

Currently priced at $0.70, FET has endured a 46% decline over the past month, which has raised concerns among some investors. However, Il Capo maintains that these dips are actually part of a larger bullish trend for the coin.

According to the analyst, while FET’s price could see further short-term drops, the current price range between $0.50 and $0.85 presents an excellent long-term buying opportunity.

He believes this zone is where investors can position themselves for substantial gains as the altcoin is poised for future growth. Il Capo even set an ambitious price target for FET, forecasting it could reach $5 in the coming weeks.

FET, which was created through the merger of Ocean Protocol, SingularityNet, and FetchAI, has been a significant player in the artificial intelligence sector. The coin experienced a surge in popularity, especially with the rise of ChatGPT and the broader AI altcoin boom.

At its peak, FET reached $3.47, but it has since dropped nearly 79% from that all-time high. Despite the current dip, Il Capo’s assessment suggests that FET could see substantial recovery as the market stabilizes.