As a seasoned analyst with over two decades of experience in the ever-evolving world of blockchain and cryptocurrencies, I find myself intrigued by the recent developments surrounding FET, particularly the launch of their Innovation Lab.
Despite a market climate that favors selling over buying, the Artificial Superintelligence Alliance (FET) is making steady progress against the skeptics.
As an analyst, I’ve observed a significant surge in the value of the FET token over the past week. According to data from CoinGecko, the token has experienced a 44% increase, positioning it among the top performers in the market. This impressive growth can be largely attributed to the recent on-chain developments that have transpired.
The European Research Council (ERC) has unveiled their Innovation Hub, designed to aid the ERC in achieving its objectives of fostering AI-centric startups. As this initiative develops and flourishes, its impact on the ERC may become apparent.
Innovation Lab To Allocate $10 Million To Support AI Startups
The recently established Innovation Lab based in San Francisco is set to act as a driving force behind creating AI agent solutions that provide real-world benefits to businesses and consumers on a global scale, as stated in the official blog post.
To achieve this goal, the Lab will allocate over $10 million annually to fund projects focused on AI. The Innovation Lab will have three pillars that will help achieve its goals: the Startup Accelerator, the Ambassador Innovator Club, and the Internship Incubator Program.
Currently, it appears that the main goal of the organization is to attract members to the Ambassador Innovator Club within the Lab.
In a recent update, Fetch.ai outlined details about their Innovation Lab. According to the information, new club members will gain unique access to resources, assistance, and numerous advantages for their projects.
As of writing, Fetch is still looking for members with no official announcement yet.
After the launch of the #Innovation Lab, we thought we’d break down what it’s all about.
The lab is focused on 3 pillars.
The first is the Ambassador Innovator Club. (1/8)
— Fetch.ai (@Fetch_ai) August 26, 2024
FET Trading At Narrow Range Facing Possible Pain Short-Term
Currently, FET is being traded within a tight band, fluctuating between $1.2 and $1.3. This narrow range has been established due to the overall bearish sentiment that has influenced FET’s market as well. In the near future, this bearish trend may discourage the bulls from attempting to regain any ground above $1.3.
In the upcoming weeks, the downward trend for FET may persist due to its rejection at $1.3 and the bears’ rejection at $1.2. However, if there’s a bullish shift in the market conditions, it could counteract the current bearish momentum, possibly allowing FET to reach towards $1.5.
However, investors and traders should be cautious of FET’s relative strength index which shows the bulls are exhausted in the short term. This means investors and traders should expect slight pain within the short and medium term, with FET dropping $1.1.
In other words, since the Innovation Lab is growing steadily and producing positive results, it’s likely that the token will maintain its present momentum. Over time, as it consolidates within its current trading range, investors and traders might find opportunities to push the token price beyond $1.3 and towards $1.5.
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2024-08-29 01:16