Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started
2024年3月1日 - 9:17PM
NEWSBTC
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.
Related Reading: Fetch.AI (FET) Prints Strong Bullish Signal,
Targets 500% Spike 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. Related Reading: Fetch AI Breakout
Confirmed: Analysts Reveal Bullish Targets For FET Price 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.
Featured image from Binance, chart from TradingView.com
Fetch (COIN:FETUSD)
過去 株価チャート
から 3 2024 まで 4 2024
Fetch (COIN:FETUSD)
過去 株価チャート
から 4 2023 まで 4 2024