Top Gainer Today: Fetch.ai (FET) Price Keeps Rallying – What Is the Reason for Its Continued Surge?
As Fetch.ai’s price continues to surge, this lesser-known token is being touted as the next big AI crypto. This raises an important question: Will Fetch.AI likely see big gains soon?
Fetch.ai (FET), ranked 7th among artificial intelligence (AI) cryptocurrencies, surged to the top of today’s gainers chart on June 25th.
The 28% increase occurs shortly before FET merges with other AI tokens to form the highly anticipated Artificial Superintelligence Alliance (ASI).
FET price analysis
As of today, Fetch.ai (FET) is trading at $1.65, with a 24-hour trading volume of $200 million and a market capitalization of $1.4 billion, holding a market dominance of 0.05%. The FET price has surged by 18.64% in the past 24 hours.
Fetch.ai achieved its peak price of $3.47 on March 29, 2024, marking its all-time high. Its lowest price was recorded at $0.00827 on March 13, 2020. The lowest price since reaching its all-time high was $1.11096, while the highest price since this low point was $1.73526.
Currently, Fetch.ai has a circulating supply of 800 million FET, out of a maximum supply of 2.6 billion FET. Fetch.ai has shown a remarkable of over 600% growth year-over-year, signaling strong upward momentum. This surge reflects high investor confidence and suggests a solid trend that could push FET to new highs.
Outperforming 94% of top 100 crypto assets, including Bitcoin and Ethereum, highlights Fetch.ai’s unique value proposition and market position. This strong performance indicates significant recognition within the investment community, which may drive further price increases.
FET price prediction
Trading above the 200-day simple moving average (SMA) is a bullish sign, suggesting a positive long-term trend. This indicator often acts as support in rising markets, indicating FET has a stable base for continued growth. Being near its cycle high shows strong buying interest and positive sentiment.
Breaking through this resistance level could lead to substantial price gains as new highs attract more investors. Fetch.ai’s high liquidity supports smooth transactions, crucial for sustaining upward price movements and attracting institutional investors.
Despite having only 7 green days in the last month (23%), Fetch.ai’s ability to maintain strong price performance demonstrates resilience amid crypto market volatility. However, its current 52.98% decline from the all-time high (ATH) of $3.47 suggests significant upside potential if FET can surpass previous highs.
Considering these factors, Fetch.ai could see substantial growth if current trends and positive indicators persist. In the short to medium term, trading above the 200-day SMA and surpassing its cycle high could see FET testing the $2.00 to $2.50 range, based on historical performance and increased investor interest.
Long-term prospects look promising if market interest in AI and blockchain remains strong and Fetch.ai continues to outperform other assets. Reaching and potentially surpassing the ATH of $3.47 seems plausible. With favorable market conditions and continued project success, aiming for the $4.00 to $5.00 range is conceivable.
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Key factors behind FET price rally
FET’s price surge continues due to several positive factors converging. The AI market is booming, driven by the success of Elon Musk’s advancements in explainable AI and Nvidia recently claiming the title of the world’s most valuable company. This optimistic sentiment is benefiting AI-focused cryptocurrencies like FET.
Adding to this momentum is the upcoming launch of the Artificial Superintelligence Alliance on July 1st. Crypto Briefing reported that the merger was postponed to July 15th.
This merger will unite FET with Ocean Protocol (OCEAN) and SingularityNET (AGIX), generating considerable excitement in the crypto community.
— Artificial Superintelligence Alliance (@ASI_Alliance) June 20, 2024
The prospect of a unified presence in the AI crypto sector likely contributes to FET’s current upward trend. Further reinforcing this positive outlook is a surge in trading activity. Derivatives markets have seen FET’s trading volume soar by more than 200%, signaling renewed interest among traders.
Moreover, short-sellers are experiencing significant liquidations, indicating a potential shift in momentum favoring FET. The rise in FET prices reflects heightened investor confidence and interest in these advanced applications.
Additionally, the market’s optimism towards AI technologies is driven by a growing recognition of their transformative potential across industries, from finance to logistics.
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