Fetch AI’s price soared by 29% to $1.515, closing at $1.505 yesterday. The upward trend continues, with FET trading around $1.69 at present, reflecting a 10% rise from yesterday’s peak. This surge follows Nvidia Corporation’s market actions, which made Microsoft the world’s largest company by market value.
Analysis of FET Chart
On June 17, FET experienced a sharp decline after Binance announced its delisting, causing panic selling that dropped the price to $1.104. However, the price began to recover on June 19. Currently, Fetch AI’s price action remains below the 50-day mark but has crossed the 200-day simple moving average. Closing above the 200-day SMA daily could confirm an ongoing bullish trend. Strong support was noted around $1.2 on the weekly chart, with the price rebounding from this level. FET now faces resistance near $1.76.
Breaking through this resistance might lead to additional gains towards $2.61, with a minor halt around $1.93, aligning with the 50-day SMA. The relative strength index (RSI) formed a double bottom on the daily chart and is anticipated to rise to 60, indicating a potential 29% increase from the current 46.
What’s Happening in the AI Field?
After news broke of Nvidia overtaking Microsoft, Fetch AI’s price began to climb again. Nvidia, the largest chip manufacturer globally, saw a 3.51% increase recently, trading at $135.5, and surpassing Microsoft. According to CoinMarketCap, Nvidia now boasts a market value of $3.335 trillion, positioning it as the world’s largest company.
The uncertainty caused by Binance’s delisting announcements further drove the price increase. FET is set to be replaced by the newly consolidated token, Artificial Super Intelligence (ASI). During the market turmoil, whales took advantage, purchasing at lower prices, which significantly boosted FET’s price. Tokens related to ASI, like SingularityNET (AGIX), also surged, with AGIX increasing by 25% in the last 24 hours. According to Fetch AI’s official website, ASI will launch with a market value of $7.5 billion, placing it among the top 20 cryptocurrencies.
Key Market Insights
- A daily close above the 200-day SMA could confirm a bullish trend for Fetch AI.
- Strong support around $1.2 and resistance near $1.76 are critical levels to watch.
- Nvidia’s rise and Binance’s delisting announcements have significantly impacted FET’s price movement.
- Artificial Super Intelligence (ASI) is expected to launch with a substantial market value, affecting related tokens positively.
In conclusion, Fetch AI’s price movements are currently influenced by broader market activities and announcements, particularly involving Nvidia and Binance. Investors should closely monitor these developments for future trading opportunities.
