Home Editor's Pick Fetch.ai’s FET Bullish Breakout: 50-60% Rally on the Horizon

Fetch.ai’s FET Bullish Breakout: 50-60% Rally on the Horizon

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The crypto market has a resurgence in the popularity and value of tokens associated with artificial intelligence (AI) projects.

Among these, Fetch.ai (FET) has emerged as a frontrunner, displaying impressive growth and attracting significant attention from investors and enthusiasts alike.

TLDR

AI tokens, particularly Fetch.ai (FET), have regained momentum and are showing a strong bullish trend in the crypto market.
FET price has seen significant growth, jumping 87.59% within three days and currently trading between $2.23 and $3.
Technical indicators, such as MACD, suggest that the price will continue gaining value in the coming time, with a potential rally of 50-60% predicted by analysts.
The rise of artificial intelligence and events like the NVIDIA Artificial Intelligence conference have contributed to the growing popularity and value of AI-focused cryptocurrency projects like Fetch.ai.
Experts predict that FET could surpass the $4 mark and reach $4.14 by the end of 2024, although bearish sentiments could keep the price below $3.54.

Fetch.ai, a mid-cap altcoin with a fully diluted valuation of approximately $3.3 billion, has gained prominence for its permissionless ecosystem that democratizes access to AI technology.

The network’s native token, FET, has experienced a substantial surge in value since the beginning of 2024, rising from $0.67 to $3.12 by March, marking an astonishing 363% increase.

FET Price from coingecko

The recent bullish trend in the FET price can be attributed to several factors, including the overall positive sentiment in the crypto market and the growing interest in AI-related projects. The cryptocurrency market is on the verge of completing its third consecutive month of positive trading, indicating a strong bullish influence across the sector. This favorable environment has created an ideal backdrop for AI tokens like FET to thrive.

Technical analysis of the FET price further supports the bullish outlook. The token has been trading in a consolidated range between $2.23 and $3, with the bulls attempting to test the resistance level at $3. The Moving Average Convergence Divergence (MACD) indicator, a popular tool for gauging market momentum, displays a constant green histogram, signaling increased buying pressure over selling pressure. Additionally, the rising pattern of the averages suggests that the price will continue to gain value in the coming time.

Crypto analysts are optimistic about the future prospects of FET, with some predicting a potential rally of 50-60% in the near term. According to Captain Faibik, a well-known crypto analyst, FET price has already broken out of a bullish flash and is poised for liftoff. After a three-week period of short-term correction and consolidation, the altcoin is expected to rally by 58%, as indicated by the formation of higher highs and higher lows in the four-hour time frame.

$FET Bullish Flag Breakout on the 4hrs TF Chart..!!

Looks Promising for the 50-60% Bullish Rally in the Short term.. ????#Crypto #FET #FETUSDT pic.twitter.com/UAx09LQ5Vv

— Captain Faibik (@CryptoFaibik) March 26, 2024

The surge in AI-focused cryptocurrencies can also be attributed to the growing interest and advancements in the field of artificial intelligence.

Events such as the NVIDIA Artificial Intelligence conference, hosted by the global GPU manufacturing leader NVIDIA Corporation, have further fueled the excitement surrounding AI projects.

The conference, scheduled to take place in San Jose, California, will bring together developers, researchers, business strategists, and industry experts to exchange ideas and drive the future of the AI sector.

As the crypto market prepares for a fresh bull run, with Bitcoin dominance signaling a major reversal in the coming months, altcoins like FET are well-positioned to benefit from the anticipated “altseason.”

According to the Elliott Wave principle, the Total3 market cap, which excludes Ethereum and Bitcoin, is aiming to retest the $2 trillion mark, suggesting that most altcoins will likely retest their all-time highs set during the 2021 bull cycle.

Market experts remain bullish on the long-term prospects of Fetch.ai, with predictions suggesting that FET could surpass the $4 mark and reach $4.14 by the end of 2024.

However, it is essential to note that these predictions are subject to market sentiments, and a bearish overtake could potentially limit FET’s growth, keeping the price below $3.54 in 2024.

The post Fetch.ai’s FET Bullish Breakout: 50-60% Rally on the Horizon appeared first on Blockonomi.

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