1 March 2024
Today, Fetch.AI (FET) is once again emerging as a stand-out performer. The price of FET has surged by an impressive 21% in the past 24 hours, rising to $1.63. Currently, this substantial uptick is positioning Fetch.AI as the top performer among the top 100 cryptocurrencies by market capitalization.
Fetch.AI is benefiting from the AI hype in the tech sphere. As AI continues to make headlines, projects that are seen as contributing to this future, like Fetch.AI, naturally attract attention and investment, riding the wave of AI hype to gain visibility and financial support in the crypto sphere.
The project aims to leverage AI to enable smarter, more efficient blockchain networks and applications, appealing to both investors and developers interested in cutting-edge technology. Furthermore, the broader market trends show a growing appetite for investments in technologies that promise to shape the future.
Fetch.AI Price Analysis: FET/USD
When examining the weekly FET/USD chart, it is evident that the momentum for the AI coin is strong. Earlier this week, FET broke its previous all-time high of $1.19. Notably, this puts Fetch.AI in an elite group of very few cryptocurrencies that have already surpassed their previous all-time high.
The chart shows a well-formed ‘Bull Flag’ pattern, a bullish continuation pattern, which has developed over the past weeks. This pattern is characterized by an initial strong upward movement in price, followed by a downward sloping consolidation phase, and then typically results in a breakout to the upside.
The flag pole formed from mid-October till mid-December 2023. During the consolidation phase, the FET price fell towards the 20-week EMA (red line), but was always able to hold it on a weekly basis. The breakout from the flag occurred on February 12.
Based on the bull flag poll, the projected target is a 290% increase from the flag’s bottom, which would place FET at around $2.00. Notably, this closely aligns with the 1.618 Fibonacci extension level at approximately $1.90.
Another bullish argument are the volume bars, denoting trading volume. This has shown a substantial increase coinciding with the price surge, suggesting strong buyer interest.
Moreover, the Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, is currently at 72.5. While this puts the FET price slightly in the overbought territory (typically considered to be above 70), it is typical for the crypto market to overheat during a raging bull market.
This suggests that there might still be room for upward movement before the market considers FET overbought.
FET/BTC On The Weekly Chart
In the competitive arena of cryptocurrency pairings, Fetch.AI’s token has shown a remarkable performance against Bitcoin (BTC) on the weekly chart. The FET/BTC pair exhibits a notable increase of 47% in the current week.
Notably, the price action has reached a pivotal point, prompting the question: Is a phase of consolidation on the horizon or is Fetch.AI on the cusp of a massive breakout? FET/BTC is currently at 0.00002705 and thus slightly above the major resistance at 0.00002697. However, a weekly close above this threshold needs to confirm the trend.
A weekly close above this threshold could open the door for a 400% rally against BTC. In a bearish scenario, FET could be consolidating in the range between 0.00002650 and 0.00002014 before making the next major move.