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

Fetch ai has successfully completed its network upgrade under Proposal 33, marking a pivotal moment for the decentralized AI-focused platform. The upgrade seamlessly integrates the Fetch ai mainnet with the CUDOS network, merging all CUDOS tokens and staked assets according to predefined token ratios and a three-month vesting schedule. 

Following the upgrade, analysts are optimistic about the potential impact on Fetch.ai’s (FET) price, with some projecting substantial gains.

Fetch AI Completes Network Upgrade

The integration of the CUDOS mainnet into Fetch ai brings new interoperability and functionality to the Fetch.ai ecosystem. By merging with CUDOS, Fetch.ai has broadened its decentralized computing capabilities, allowing for more efficient and scalable AI and blockchain-based applications. 

Sebsequently, the Fetch ai team acknowledged the rapid and professional efforts of its validators, who ensured that the network upgrade went smoothly, restoring consensus formation and stable network operations.

The community’s patience and support throughout the upgrade were also highlighted by Fetch.ai, as this integration paves the way for further advancements. With this merger, Fetch.ai aims to strengthen its position within the Artificial Superintelligence (ASI) Alliance, a consortium of decentralized AI platforms including SingularityNET and Ocean Protocol.

New Cross-Chain Opportunities with Injective Partnership

Fetch.ai is also making strides in cross-chain interoperability through a recent partnership with Injective, a decentralized finance (DeFi) protocol. This collaboration allows Fetch.ai to replace its Inter-Blockchain Communication (IBC) protocol light client with Injective’s technology, enabling more efficient cross-chain asset transfers between the Fetch.ai and Injective networks. 

According to market observers, this could open up new DeFi opportunities, further boosting the company’s ecosystem.

Market activity around Fetch.ai derivatives has already increased, with trading volume rising by 93.89% to reach $121.26 million. Open interest, a metric indicating the total number of outstanding derivative contracts, has also seen a 3.22% uptick, suggesting renewed interest from traders. This heightened activity reflects growing market confidence and perhaps bullish sentiment toward Fetch.ai’s recent upgrades.

Analysts Predict Strong Price Potential for FET

Market analysts are closely monitoring FET’s price action following the network upgrade and the Injective partnership. Technical analyst “World of Charts” recently noted a breakout from a descending channel, signaling a potential reversal from the previous bearish trend. After breaking out, the price retested this level, which could confirm a bullish trend if sustained. World of Charts suggests that this setup could propel FET towards a $5 target in the short term.

On a more optimistic note, crypto analyst DamiDefi has projected that FET price could climb to as high as $13. According to DamiDefi, the combination of the technical breakout, increased trading activity, and the successful network upgrade provides a strong foundation for further price appreciation. 

The recent formation of a “Cup and Handle” pattern, a bullish continuation indicator, supports this prediction. If FET breaks out from this pattern with high volume, a significant price rise could follow. The Relative Strength Index (RSI) for FET remains within a neutral range, around 44.68, suggesting that the asset has room for upward movement without being overbought. 

The price is also testing a key support level around $1.25, which could serve as a solid foundation for further gains if it holds. Analysts note that breaking through resistance levels at $1.40, $1.70, and $2.10 could confirm a stronger bullish momentum, potentially leading to new highs.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.