Fetch AI, a cryptocurrency, experienced a significant surge in price yesterday, rising by 29% to reach $1.515 before closing at $1.505. The upward trend has continued today, with FET currently trading around $1.69. This represents a 10% increase from yesterday’s peak price. The rise in price can be attributed to Nvidia Corporation’s recent achievement of becoming the world’s largest company by market value after surpassing Microsoft.
Analyzing the FET chart, it is evident that the price underwent a sharp decline on June 17 following Binance’s announcement of delisting. This created fear, uncertainty, and doubt (FUD) among investors, leading to selling pressure and a drop in price to $1.104. However, the price started to recover on June 19. For the latest financial and business news, visit COINTURK FINANCE.
In terms of technical analysis, the FET price is currently below the 50-day level but has surpassed the 200-day simple moving average (SMA). A daily candle closing above the 200-day SMA would confirm the continuation of the bullish trend. On the weekly chart, FET found strong support around $1.2 and rebounded from this level. Currently, the price is facing resistance around $1.76.
If FET manages to overcome this minor resistance, it could potentially experience further gains up to $2.61, with a minor stop around $1.93, corresponding to the 50-day SMA. The relative strength index (RSI) has formed a double bottom pattern on the daily timeframe and is expected to rise to 60. This suggests a potential 29% increase from the current RSI level of 46.
Regarding developments in the AI field, the recent news of Nvidia surpassing Microsoft has had a positive impact on Fetch AI’s price. Nvidia, the world’s largest chip manufacturer, has seen a 3.51% increase in the last 24 hours, trading at $135.5, surpassing Microsoft. According to CoinMarketCap, Nvidia now holds the title of the world’s largest company with a market value of $3.335 trillion.
Furthermore, the fear, uncertainty, and doubt caused by Binance’s delisting announcements have further fueled the price increase of Fetch AI. FET will be replaced by a newly consolidated token called Artificial Super Intelligence (ASI). During the market panic, whales took advantage of the low prices and bought FET, leading to a significant price surge. Tokens associated with ASI, such as SingularityNET (AGIX), have also experienced a rise in price, with a 25% increase in the last 24 hours. According to the official Fetch AI website, ASI is set to launch with a market value of $7.5 billion and is expected to be among the top 20 cryptocurrencies.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
