20 Jun 2024 Simon Briggs
Fetch.AI Surges 30% In A Day, What Is Causing The Spike?
In the past day, there has been a bullish movement of roughly 30% for Fetch.ai (FET). This increase follows the token's yesterday decline below a crucial support level. With a trading volume of $521.26М over the course of a day and a current price of $1.65, Fetch.ai has shown a solid Year-to-Date return of +748%. Such a performance is a sign of the investors' long-term optimism regarding Fetch.ai.
Source: TradingView
In the long term, the MACD indicates a bearish trend; however, the price has just begun to rise, and if the trend persists, it will be a reversal. According to the EMA, FET must overcome resistance at $1.6721, $1.9384, and $1.9548 in order to be certain of an upward trend.
The fact that the price is more volatile—the Average True Range (ATR) is 0. 1746 - may be encouraging for trading. FET might aim for even higher resistance levels and solidify its position above $1.30 if its price rises further. However, the price might retest the lower levels if it is unable to hold above the current support level.
Technically, $1.75 is the first point of support for FET. If this level is breached successfully, the price may aim for the next resistance at $1.855. However, FET might return to the $1.00 mark if the bearish pressure is strong and the price breaks below the present support. If the market can only maintain its upward trajectory, the current trends suggest that FET is well-positioned to benefit.
With a 748% year-to-date return, Fetch.ai has been among the best-performing cryptocurrencies of 2024. Fetch.ai is currently approaching the global top 50 ranked cryptocurrencies and is headed toward becoming a purchasing asset. Analysts at Crypto Vikings predict that Fetch.ai will continue to rise in Q3 and might even reach an additional 20x multiples during this cycle.
Fetch.AI's trading volume is currently valued at $186 million, indicating an active market and investor interest. Given that FET's price is still rising, a sustained bull run could drive it even higher.
Bulls' short-term target is the resistance level at $1.285, with $1.855 serving as the next significant barrier. Fetch.ai presents a strong investment opportunity for traders and investors in the event that these levels are breached, which could yield substantial returns.
One observation regarding this movement is that it is not abrupt or a spike. This indicates that there is a wider increase within the particular FET market rather than a single unanticipated trigger.
What's Causing the Surge in FET Prices?
It's crucial to remember that the whole cryptocurrency market within the artificial intelligence space is rising. It has increased by more than 12% on average during the last 24 hours, according to CoinGecko.
An announcement regarding the revised schedule for the Artificial Superintelligence Alliance token merger was made recently. The initiative involves the token merger of Fetch.AI (FET), Ocean Protocol, and SinguralityNET. Support for the token merge was also announced by Binance, the top cryptocurrency exchange.
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