FET price Archives

19th February 2024

Fetch.AI (FET) Prints Strong Bullish Signal, Targets 500% Spike

In a new technical analysis, renowned crypto analyst Gert van Lagen forecasts a 500% surge in the value of Fetch.AI (FET), with a price target of $5.5. This bold prediction comes as the AI-centric cryptocurrency coin, FET, records a 12% increase over the past 24 hours and an impressive 45% gain over the last week.

Currently trading with a momentum that correlates with the buzz around AI technology giant Nvidia, Fetch.AI is riding the wave of heightened interest as Nvidia approaches its Q4 2023 earnings release on February 21.

Nvidia’s stock has experienced a remarkable 45% surge since their previous earnings report, expanding its market cap by an unprecedented $600 billion. As the tech community anticipates Nvidia’s next financial update, speculation abounds regarding the potential influence of the company’s performance on the broader AI and cryptocurrency markets.

FET, along with other AI-tied tokens such as The Graph (GRT), Injective (INJ), Render Network (RNDR), and SingularityNET (AGIX), stands at a critical juncture where Nvidia’s financial results could significantly sway investor sentiment within the AI and crypto sectors. A positive report from Nvidia could catalyze a wave of enthusiasm, potentially bolstering investments in AI-dedicated cryptocurrencies.

Fetch.AI (FET) Eyes A 500% Rally

Van Lagen’s chart showcases a massive inverse ‘Head and Shoulders’ (H&S) pattern, consisting of three troughs: the left shoulder formed in early 2022, the head reached its nadir at the end of 2022, and the right shoulder developed in August 2023.

The pattern is characterized by a ‘neckline,’ which is a resistance level that the price must surpass to confirm the reversal. For Fetch.AI, the neckline is situated around the $0.5 mark, a threshold that was successfully retested as support in January 2024. This retest is seen as a bullish confirmation, reinforcing the integrity of the reversal pattern.

FET price analysis

A noteworthy element in the analysis is the decisive breakout from the green Fibonacci resistance zone last week. The Fibonacci retracement tool is commonly used to ascertain potential support and resistance zones, and a breach beyond these confines typically suggests a strong market conviction.

Thus, Fetch.AI has not only surmounted the neckline but has also made strides past the resistance zone, paving the way for the asset to strive towards new all-time highs. Van Lagen has calculated a technical target for the iH&S pattern at $5.5, extrapolated from the depth of the pattern’s head to the neckline, and projected upwards from the breakout point.

The analyst has also stipulated a condition for the invalidation of this bullish scenario: should Fetch.AI print a ‘lower low’ (LL), it would disrupt the structure of the iH&S pattern and potentially signal a bearish shift in the market’s sentiment. He summarizes:

FET [1W] – Head and Shoulders bottom playing out neatly:
+ Dec-23 breakout of the right shoulder & the green Fib resistance zone;
+ Jan-24 multi-week successful retest of the neckline;
+ Feb-24 clearance for new ATHs
Technical target iH&S: $5.5 Invalidation: print LL

At press time, FET traded at $0.92.

FET price

21st November 2023

Did The OpenAI and Microsoft Saga Just Trigger Massive Interest in AI Tokens?

The recent saga surrounding OpenAI and its co-founder Sam Altman has sparked a surge of interest in AI tokens, with total weekly trade volume surpassing $2 billion for the first time since March, fresh data from Kaiko, a blockchain analytics platform, shows.

According to statistics, WLD, the native token on Worldcoin, a project co-founded by Altman, and other tokens, including FET, the primary coin behind the AI-reliant blockchain, Fetch.ai, appear to be primary gainers. Even so, WLD prices remain below November 2023 lows when writing.

Trading volume of AI tokens | Source: Kaiko on X

WLD Remains Volatile

Even so, looking at market data, the spike in crypto AI trading volume seems driven mainly by WLD activity. Looking at the project’s share, trading volume comprises over 33% of all related crypto AI trading volume.

While there is a noticeable spike in activity, it remains below the all-time high of above $4 billion in Q1 2023. Then, traders and investors were keen on AGIX, the SingularityNET token. However, over the months, Worldcoin has since taken over as investor interest shifted to WLD, evidenced by the gradual rise of trading volume.

Looking at WLD price action over the past three days, prices have been volatile, though trading volume has been mostly up from November 13. Following news of Altman’s removal as CEO of OpenAI, prices fell before slightly expanding with news of negotiations to return to the role, followed by his appointment to lead Microsoft’s AI team.

All these events have contributed to the market’s heightened interest in WLD. Accordingly, trading volume across the broader crypto AI scene stands above the $2 billion level for the first time since March.

The Sam Altman And OpenAI Drama Turns Attention To Worldcoin

Though there is no direct connection between OpenAI and Worldcoin, crypto participants focus on events at OpenAI and how the board handled Altman as a factor catalyzing WLD’s activity.

The general lack of clarity on why the board ousted Altman as CEO worsens the situation, sparking speculation that this could also impact WLD’s prices and how Worldcoin is governed, considering the former CEO is also behind the crypto AI project.

Looking at the co-founder’s previous role as the team leading Worldcoin’s developments, Altman also holds significant sway, contributing to discussions on how the government should regulate AI at the end of the day.

Altman’s influential role has impacted Worldcoin and its prices since the blockchain project aims to create a global identity system. Worldcoin’s operations would rely on AI, including fraud prevention, data analysis, verification, and more.

20th November 2023

OpenAI Setback No Match For FET’s 160% Surge: Time To Invest In AI?

The Artificial Intelligence (AI) sector in the crypto space has enjoyed one of the most prominent rallies despite the debacle with OpenAI. The company behind ChatGPT fired one of its founders and CEO, Sam Altman, sparkling downside pressure for AI-based tokens, such as FET.

The native token for Fetch.ai, FET, has been trending to the upside following the general market sentiment. Over the past month, the cryptocurrency recorded a 160% rally, and it’s poised for further profits as it breaches critical resistance levels.

OpenAI FET FETUSDT FET price

OpenAI Controversy Adds Fuel For FET’s Rally

Data from Coingecko indicates that FET’s bullish momentum took a hit last week as news about Sam Altman leaving OpenAI broke. The token has been moving with any development from the broader AI sector, and the uncertainty surrounding this company has impacted its performance on low timeframes.

Over the weekend, FET regained its bullish momentum and reclaimed territory, extending a more significant rally. In that sense, a pseudonym trader looked into FET’s potential target as the cryptocurrency continues “its rally without a dip.”

In the past week, FET breached the resistance at $0.56, targeting its 2022 highs, as seen in the chart below. If the bullish momentum continues, the token could rise to its 2021 highs between $0.70 and $0.90.

OpenAI FET FETUSDT FET price

FET Rally Could End In Massive Correction

Our Editorial Director and analyst, Tony Spilotro, has been bullish on FET’s trajectory. The analyst believes FET could rise 2x to 4x before losing steam and re-visiting support.

In the past, whenever the token followed a similar trajectory, printing a buy signal above the monthly Bollinger Band, as Spilotro stated, FET corrected by an impressive 80%. Thus, the analyst recommended new investors to tread carefully. Spilotro said:

(…) its safe more than likely to buy FET at such levels, so long as you have a plan to get out before the next 70+% correction happens. Otherwise, price could retrace back to your entry here. Be smart and don’t expect the rally to go on forever.

Today, Microsoft announced the hiring of Sam Altman to spearhead a new AI division. The company will commit to providing resources for the new division, which could ignite a new bull era for AI and AI-based tokens.

Cover image from Unsplash, chart from Tradingview

15th November 2023

Is Fetch.ai (FET) On The Cusp Of Another Mega Bull Run To 2021 Highs?

A crypto trader took to X on November 15, predicting that FET, the native currency of Fetch.ai, an AI-centric platform, could be aligning itself for a “green path,” resuming the uptrend of the past few weeks.

The analyst, @rektcapital, believes the recent price action on the weekly chart points to strength. Moreover, the possibility of FET bulls flowing back and driving prices above the immediate resistance level registered in early November remains elevated at spot rates.

Fetch.ai set for the green path | Source: Rektcapital on X

FET Remains Bullish, Up 770% From 2022 Lows

Looking at the candlestick arrangement in the weekly chart, FET buyers have had the upper hand. To quantify, the coin is up 140% from July 2023 lows and may be preparing for even more upsides if prices break above $0.46 recorded in the first week of November. As it is, FET is up by over 770% from December 2022 lows when the coin plunged to as low as $0.0570.

From technical analysis, FET recovered from around $0.17, representing the 78.6% Fibonacci retracement level of the trading range established in the first half of 2023. FET prices may rise, building on the bullish engulfing bars of late October and early November 2023, breaking above $0.46. This expansion, in turn, may create the base for the next leg up to $0.60, marking 2023 highs.

Despite the current rally, whether FET prices will find the momentum to retest 2021 highs of $1.20 is still unclear. Even so, as FET expands, there is a notable change in participation levels, looking at trading volume, between 2023 and 2021.

Prices might be down 65% from the September 2021 peak, but associated trading volume is higher, suggesting more support. If trading volume is a leading indicator, it is highly likely that even if FET moves in a green path as @rektcapital predicts, the odds of the coin retesting 2023 and 2021 highs will be high and the uptrend possibly rapid.

Fetch.ai Building, Dominates Social Media Activity

In October, Fetch.ai launched DeltaV, an open platform allowing users to interact with Fetch.ai agents and services naturally and intuitively. With this solution, developers hope users will further explore the blockchain, utilizing its capabilities.

At the same time, Fetch.ai emerged as the leading crypto AI project by social media activity. With over 1,700 posts and over 409,000 interactions as of November 15, the platform is more popular than The Graph (GRT) and the Ocean Protocol (OCEAN).