Fetch.ai Price Bounces Back Above $0.47, Up 7% In 24 Hours

OpenAI’s chatbot ChatGPT took the world by a storm leading to increased investor interest in the Artificial Intelligence (AI) space. Tech giant Microsoft moved with speed to invest $10 billion in OpenAI with the hopes of being among the first to benefit from AI’s features for its consumer products like Microsoft Teams and Azure. The Fetch.ai price and those of other cryptos in the AI space gained traction and have been performing well since then.

At the time of writing, Feitch.ai’s native token FET is hovering around $0.4730 after rallying 7% in the past 24 hours. This AI token is up 22% over the past week and more than 425% year-to-date. With a 24-hour trading volume of approximately $190 million and a live market cap of $388 million, it stands #108 on the CoinMarketCap ranking. 

AI crypto will likely continue to be a hot topic in 2023 as big companies rush to implement features in their existing and new products. For example, Google has announced it has been working on AI features to ramp up services on Chrome, the world’s leading search engine. A recent report by JP Morgan, the biggest investment bank in the U.S., revealed that investors, especially institutional, see AI shaping the trading industry in the future.

As such, investors may find AI-related coins, including Fetch.ai, to be viable alternatives for long-term value growth.

Fetch.ai Price Bulls Eye 53% Gains To $0.72

FET has risen more than 25% over the last two days, escaping from a bullish flag as shown on the daily chart (below). The Fetch.ai price is currently facing immediate resistance from the top of the flag’s post at $0.4755, coinciding with yesterday’s high. 

A daily candlestick close above the said barrier would open the path for the FET price to rise toward the target of the prevailing chart pattern at $0.7275. This would represent a 53.53% ascent from the current price.  

FET/USD Daily Chart

Fetch.ai’s upward outlook was validated by the upward-facing moving averages. This reinforced the strength of FET’s uptrend. The Simple Moving Averages (SMAs) also provided strong support downward. These, in addition to the demand areas embraced by the upper and lower limits of the flag at $0.3985 and $0.3156 respectively, and the $0.255 support floor, provided potential breathing areas for Fetch.ai bulls. 

In addition, the Relative Strength Index (RSI) was moving upward toward the overbought region and the price strength at 63 suggested that the buyers were in control of the market. Moreover, the Moving Average Convergence Divergence (MACD) indicator was positioned deep in the positive region above the neutral line.

Also, note that this trend-following indicator had sent a call to buy FET. This occurred on Wednesday when the 12-day Exponential Moving Average (EMA) (blue line) crossed above the 26-day EMA (orange), adding credence to the positive trajectory.

Things would, however, go awry for the Fetch.ai price if bears decide to book profits on the recent rally. If this happens, FET may turn down from the current levels, and back into the flag where it could hover for some time.

A drop below the lower boundary of the flag would see the altcoin revisit the $0.25 to $0.27 demand zone, where the 50-day SMA sits. This is where FET’s downside may be capped for the short term. 

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