Fetch AI (FET) price, a popular AI-based altcoin, is experiencing a notable increase. Momentum in FET price is building up, currently positioned above a crucial support level. A prevailing bullish trend is evident in the cryptocurrency market, particularly among tokens related to artificial superintelligence, mirroring similar upward movements.
Fetch AI Price Surges Amid CEX Influx
Fetch AI price has soared for three consecutive days, marking its highest value since March 28. This uptrend is part of a broader surge in the cryptocurrency market following a reduction in interest rates by the Federal Reserve.
The token, representing the Artificial Superintelligence Alliance, also climbed due to multiple advancements in AI technology. Notably, Alibaba in China introduced an array of AI tools, releasing more than 100 open-source AI models.
In related news, OpenAI is reportedly on a fundraising spree, seeking a valuation of $150 billion. This cements its status as a top entity in the AI field. Additionally, a new partnership with T-Mobile is expected to significantly enhance OpenAI’s long-term revenues, potentially adding over $39 billion.
ASI Alliance: Your Vote Matters
Today at 6 PM UTC, the voting portal OPENS for the important governance proposal on @CUDOS_ joining and merging their native token with the Alliance.
This decision will strengthen the ASI ecosystem and drive innovation, contributing to the… pic.twitter.com/TlSOQTcikP— Artificial Superintelligence Alliance (@ASI_Alliance) September 19, 2024
The token’s increase also comes as alliance members prepare for a critical vote. They will decide if Cudos, known for its decentralized cloud solutions, should join the existing trio of Fetch, Ocean Protocol, and SingularityNET.
FET Price Poised for 128% Bullish Surge
The Fetch AI price has exhibited a promising uptick, indicating a bullish trend in the past 24 hours. The FET price hovered at $1.54, making a strong surge of 12.46% during the U.S. time zone. The token’s performance peaked at $1.57 within the day, underlining a robust market confidence among investors. The FET price hit an all-time high (ATH) of $3.47 on March 28, 2024.
The daily technical indicators for Fetch AI (FET) show a significant spike in its market value. The Relative Strength Index (RSI) has soared alongside the price, reaching 67, approaching the overbought threshold of 70.
In recent trading sessions, the price of Fetch AI has displayed a notable bullish trend, as observed on the Santiment analytics platform. The green line on the chart shows a steady price rise, correlating closely with an increase in whale transactions, represented by the red bars.
The surge in transactions over $100,000 suggests heightened activity among major investors, potentially fueling the upward price momentum.
If the upward trend persists, the AI-based coin is set to demonstrate significant growth. If this positive trajectory holds, FET could ascend towards the $2 mark, with the potential to skyrocket to a new peak of $3.47, marking a 121% increase.
Frequently Asked Questions (FAQs)
The increase in whale transactions, or large-scale buys, typically indicates growing interest from major investors, which can lead to significant price movements due to the large volume of tokens being traded.
If the current bullish trend continues and market conditions remain favorable, Fetch AI could potentially retest its ATH, particularly if the momentum from large investor activities persists.
A critical vote among alliance members about integrating Cudos into their partnership could impact market sentiment and, consequently, the price of Fetch AI.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Source: https://coingape.com/markets/fetch-ai-price-soars-12-poised-for-128-bullish-surge-is-ath-soon/
✓ Share: