Fetch AI Completes Network Upgrade , Can FET Price Reach $13?

by

As a seasoned researcher who has followed Fetch ai for quite some time, I must say that this network upgrade and the subsequent partnership with Injective are truly exciting developments for the decentralized AI-focused platform. The seamless integration of CUDOS mainnet and the potential for cross-chain interoperability through Injective’s technology have significantly broadened Fetch ai’s capabilities, opening up a world of opportunities for more efficient and scalable AI applications.

Under Proposal 33, Fetch AI has successfully executed its network update. This significant milestone for the decentralized AI platform effortlessly connects the Fetch ai mainnet with the CUDOS network, combining all CUDOS tokens and staked assets based on predetermined token ratios and a three-month vesting period.

After the recent update, I find myself feeling quite optimistic about the possible influence on Fetch.ai’s (FET) price. Some projections indicate significant increases in value.

Fetch AI Completes Network Upgrade

Combining CUDOS mainnet with Fetch ai significantly enhances the interoperability and functionalities within the Fetch.ai network. This merger expands Fetch.ai’s decentralized computing potential, enabling more efficient and scalable development of AI and blockchain applications.

Consequently, the Fetch AI team commended the swift and proficient work of their validators, whose diligence guaranteed a seamless network update, re-establishing consensus and maintaining smooth network functioning.

Fetch.ai acknowledged the community’s perseverance and assistance during the upgrade process, pointing out that this integration is crucial for future progress. By joining forces with other members like SingularityNET and Ocean Protocol within the Artificial Superintelligence (ASI) Alliance, Fetch.ai intends to fortify its standing in this group of decentralized AI platforms.

New Cross-Chain Opportunities with Injective Partnership

Through a new partnership with Injective, a decentralized finance platform, Fetch.ai is advancing in cross-chain compatibility. This collaboration means that Fetch.ai will swap out its Inter-Blockchain Communication (IBC) protocol light client for Injective’s technology. This change facilitates smoother and more efficient transfers of assets across the Fetch.ai and Injective networks.

Based on insights from financial analysts, this development might create fresh Decentralized Finance (DeFi) possibilities, thereby strengthening the company’s overall system.

Fetch AI Completes Network Upgrade , Can FET Price Reach $13?

The trading volume for Fetch.ai derivatives has surged by 93.89%, reaching a significant level of $121.26 million. Moreover, open interest, which measures the total number of ongoing derivative contracts, has experienced a 3.22% rise, indicating a heightened involvement from traders. This escalated activity may signal growing market assurance and potentially positive expectations towards Fetch.ai following its recent updates.

Analysts Predict Strong Price Potential for FET

Market experts are keeping a keen eye on FET’s price movements after the network update and Injective collaboration. The technical analyst, “World of Charts”, has pointed out a breakaway from a downward trending channel, which might indicate a shift from the previous bearish pattern. After the breakout, the price revisited this level, and if this hold-up continues, it could suggest a bullish trend. According to “World of Charts”, this configuration may push FET towards a $5 goal in the near future.

Looking on the brighter side, crypto analyst DamiDefi anticipates that the price of FET could potentially reach up to $13. This projection is based on the technical breakout, growing trading volume, and the success of the recent network update, which collectively create a solid base for further price growth.

Fetch AI Completes Network Upgrade , Can FET Price Reach $13?

A “Cup and Handle” pattern, which is a positive sign for future price growth, has been recently developed in FET. If FET breaks free from this pattern with high trading volume, a substantial price increase may ensue. The Relative Strength Index (RSI) of FET is currently hovering around 44.68, indicating that the asset has some potential for further upward momentum as it’s not yet considered overbought.

As a crypto investor, I’m observing the price testing a significant support level around $1.25. If this level holds, it could provide a robust base for future growth. The analysts suggest that surpassing resistance levels at $1.40, $1.70, and $2.10 might signal a stronger bullish trend, possibly leading us to new record highs.

Read More

2024-10-29 03:46