Fetch AI Price Prediction: Can FET HIT $2?

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As a researcher with a background in artificial intelligence and blockchain technology, I’ve been closely following the developments in the crypto market, particularly those related to AI-based projects like Fetch AI (FET). The recent price surge of FET, which has seen a 29% increase in just one day, followed by an additional 10% increase at press time, is an exciting development that warrants closer attention.

Fetch AI price prediction: In an explosive move that caught much of the market unaware, FET price surged by 29% yesterday, hitting a high of $1.515 and closing the day at $1.505. The surge in price continues, with the asset hovering around $1.69 at press time. This signifies a 10% increase from yesterday’s high. This upswing in price comes after Nvidia Corporation flipped Microsoft to become the largest company in the world by market cap.

Fetch AI Price Prediction: FET Bulls Look to Add 36% More Gains 

Fetch AI Price Prediction: Can FET HIT $2?

On Monday, the cost of FET saw a significant drop after Binance announced its decision to remove the asset from their platform. This announcement sparked fear, uncertainty, and doubt (FUD), causing a surge in selling activity and pushing the price down to $1.104. But starting on Wednesday, the price of FET started to recover.

The price trend for Fetch AI is currently dipping below the 50-day mark but has recently surpassed its 200-day moving average (SMA). Should today’s daily candle finish above the 200-day SMA, it could signal the continuation of a bullish market. Previously, FET found solid footing on the weekly chart near $1.2 and rebounded from that point. At present, the asset is hovering around a former support level now acting as resistance, which is approximately $1.76.

If we manage to surpass this current hurdle, there’s a good chance the price will continue to rise and reach approximately $2.61. A reasonable stop loss could be placed around $1.93, which is in line with the 50-day Simple Moving Average (SMA).

As a researcher analyzing market trends, I’ve noticed an intriguing development in the Relative Strength Index (RSI) with a 14-day period. Recently, it has formed a double bottom pattern on the daily chart, which is typically a bullish sign. If this trend continues, we can expect the RSI to climb up towards the 60 level. This represents a significant increase of approximately 29% from its current reading of 46.

Why is Fetch AI Price Rising?

As a crypto investor, I’ve noticed an uptick in Fetch AI prices following the recent news that NVIDIA had surpassed Microsoft as the largest company in the world by market capitalization. NVIDIA, the leading chip manufacturer, experienced a 3.51% increase over the past 24 hours and is now trading at $135.5. With a remarkable market cap of $3.335 trillion, according to CoinMarketCap data, NVIDIA now holds the title as the largest company globally.

The apprehension, ambiguity, and hesitation sparked by Binance’s token delisting notices were subsequently addressed, contributing to the surge in price for FET. In its place, a new merged token called Artificial Super Intelligence (ASI) will take effect.

$FET won’t be delisted but will be swapped out for $ASI instead. Some large investors are stirring up fear to take advantage and buy at lower prices. Binance could have communicated this transition more effectively. Regardless, get ready for a swift price surge once the market catches wind of this change.

— WIZZ (beware sammers) (parody) (@Crypto_sinner) June 17, 2024

During the market turmoil, whales seized the opportunity to acquire FET at reduced prices, leading to a remarkable price spike for this token. Additionally, tokens affiliated with the Artificial Intelligence and Cognitive Computing System (ASI), such as SingularityNET (AGIX), experienced significant growth, recording a 25% increase within the past 24 hours.

Based on the information provided on Fetch AI’s official website, Artificial Intelligence (ASI) is expected to debut with a market capitalization of $7.5 billion, making it one of the larger cryptocurrencies in existence.

Bottom Line

As a researcher studying the intersection of artificial intelligence (AI) and cryptocurrencies, I believe that the increasing dominance of AI technology, particularly companies like Nvidia, could lead to significant price growth for AI-focused cryptocurrencies such as RNDR, FET, AGIX, and OCEAN. In the maturing bull market, I anticipate these digital assets will continue their upward trend, potentially yielding substantial returns for investors.

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2024-06-20 10:22