As a seasoned crypto investor with a knack for AI-based tokens and a soft spot for Fetch AI (FET), I find myself quite exhilarated by the recent surge in its price. Having witnessed the crypto market’s volatility over the years, I can confidently say that this trend is reminiscent of the 2017 bull run, albeit on a smaller scale for now.
The price of Fetch AI (FET), a prominent artificial intelligence-focused token, has spiked recently, hinting at a possible upward movement in the AI crypto market. Likewise, other AI-centric tokens have experienced substantial price hikes, indicating a general bullish outlook. This surge is associated with Nvidia’s upcoming second-quarter financial report, which has ignited investor enthusiasm towards AI technologies within the cryptocurrency industry.
Fetch AI Price Surge Sparks Whale Activity Ahead of Nvidia Earnings
Over the last seven days, prices of Fetch AI and various AI-related tokens such as Render, The Graph (GRT), Bittensor (TAO), and SingularityNET (AGIX) have seen substantial increases, with impressive growth in each.
As the anticipation builds for a significant surge in AI crypto investments following Nvidia Corporation’s financial report on August 28th, data from Lookonchain indicates increased large-scale investor (whales) activity with FET tokens.
On August 26th, an on-chain analysis platform pointed out a significant Fetch AI (FET) transaction by a large investor, or “whale”. This whale, possibly remorseful about selling at a lower price previously, bought back 1.79 million FET tokens priced at $1.33 each from Binance, investing approximately $2.38 million in Tether (USDT). This whale’s activity suggests increasing attention and market fluctuations in AI-related assets as major tech firms are about to release their earnings.
The price of $FET has surged 70% in the past 7 days!
It appears that the whale, possibly feeling remorseful about a previous sale, recently invested 2.385 million USD in buying 1.79 million FET tokens from Binance at a price of $1.33, approximately six hours ago.
This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.…
— Lookonchain (@lookonchain) August 26, 2024
FET Price Analysis: More Gains Ahead After 70%-Week Surge?
Over the past 24 hours, Fetch AI (FET) price has significantly increased by 12% to $1.3, reflecting notable buyer pressure ahead of the highly anticipated events.
During this timeframe, the AI-backed cryptocurrency reached a peak of $1.40 and dipped to $1.17, indicating a turbulent yet generally rising pattern. The FET token, a significant figure in the rapidly developing artificial intelligence sector, has experienced a significant spike in investor attention, with many keeping a close eye on it as it approaches its all-time high (ATH) of $3.47, achieved on March 28, 2024.
Should the upward trend persist, Fetch.ai’s value could demonstrate robust growth, possibly surging toward $2 and even attaining a new peak record of approximately $3.47.
In simpler terms, when the Moving Average Convergence Divergence (MACD) line is positioned above the Signal line, it signals a strong bullish trend, implying that the market’s momentum is leaning towards a possible further rise.
The rise in Open Interest by 8.95%, as shown by Coinglass data, indicates a boost in market activity for the Fetch AI token, suggesting an increase in investor interest. Additionally, trading volume experienced a 51.46% jump, peaking at $290.09 million. This upward trend in trading metrics fuels a bullish price movement for Fetch AI.
If there’s a move towards market skepticism, it could have a substantial impact on Fetch.ai’s trajectory. In a bearish scenario, the FET token may find stability around the $1.3 mark. A more pronounced drop might lead its price to approximately $1.
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2024-08-26 15:10