As an experienced analyst, I’ve been closely monitoring the crypto market, and I believe that AI tokens are indeed taking the lead in this new market cycle. The recent surge of 11.2% in just 24 hours is a clear indication of the increasing investor interest in this sector. Fetch.AI (FET) is a standout performer within this sector, with its impressive 14.5% increase in a single day.
The cryptocurrency market has experienced a 5.1% rise today, reaching a total market value of approximately $2.3 trillion. Notably, various sectors have seen growth as a result of this recent surge. For instance, memecoins have climbed by 9%, while Artificial Intelligence (AI) tokens have surged by an impressive 11.2% over the past 24 hours.
As a researcher studying the cryptocurrency market, I can tell you that Fetch.AI (FET) has shown impressive growth lately, with a noteworthy surge of 14.5% in just one day. Some industry experts predict that this token could be on the verge of a bullish trend in the near future.
Are AI Tokens Taking The Lead?
I’ve come across several insights from industry experts shared on NewsBTC, suggesting that Artificial Intelligence (AI) tokens could potentially lead the narrative in this market cycle’s second round.
Alex Wacy asserted that the artificial intelligence field is poised for a monumental financial surge worth multiple trillions of dollars, fueled by recent heightened enthusiasm. Consequently, this expert predicts that the market size could swell to a staggering trillion-dollar industry, potentially hitting $2 trillion by 2030.
This week, AI-related tokens have shown impressive growth. According to Altcoin Sherpa’s assessment, the altcoin market as a whole is in good shape, with notable gains for tokens such as Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai leading the way.
Expert: Daan Crypto, a well-known figure in crypto trading, believes that the AI sector is currently experiencing the most significant growth in this market shift. On the other hand, memecoins are showing signs of being the least robust. Regarding Fetch.AI’s recent performance, Daan expressed his views publicly.
Daan drew attention to the token’s effort to surpass the diagonal trendline on the graph. According to the chart, FET is currently facing resistance at the diagonal line, with $2.35 serving as the initial hurdle for a potential price increase.
A surge past this point might initiate “a promising beginning to a potential reversal in trend.” Additionally, the cryptocurrency FET has surpassed its 4-hour 200 moving average/exponential moving average (MA/EMA) threshold already. According to the trader’s assessment, FET needs to reach and maintain the $2.5 price level to “break free from the trend and move upward over the next fortnight,” while staying above the $2.35 support range.
Just like crypto trader Scient, I observe that the token is currently coalescing within an uptrend triangle on his daily chart. The significant support level for this pattern is identified at the $2.12 mark, according to the diagonal trendline.
Before dipping below the predicted trendline close to the 1D 100EMA and subsequently regaining the $2.12 price band, the trader anticipated a deviation. If this trendline reclamation was confirmed through a retest, his intention was to initiate a long position.
Analysts Forecast $4 For FET
An expert analyst at World of Charts has spotted a classic bullish pennant formation on FET‘s price chart. This pattern is often seen as a sign of an imminent upward price movement. If the breakout from this pattern occurs, it could trigger a significant surge in FET’s value, possibly doubling its price and surpassing the $4 threshold.
$Fet
A textbook bullish pennant pattern has developed in FET‘s price chart, hinting at an imminent upward breakout. If successful, this could trigger a potential 2x price surge for Fetch.ai (#Crypto #FET).
— World Of Charts (@WorldOfCharts1) May 15, 2024
Additionally, CryptoBoss agrees with this prediction based on his analysis. He posted a comparable chart indicating the potential for a significant price increase and a possible breakout for FET token, potentially doubling its current value. In his post, he mentioned, “loading $4 for FET.”
Over the past day, the token has experienced a significant gain of 14.5%, rising from a value of $2.04 to fluctuate around the $2.3-$2.32 mark. This surge equates to a 7.5% rise in the last week and a 13.2% growth over the past month.
Just like FET, there has been a significant surge in trading interest. The daily trading volume for this asset has spiked by an impressive 102%, reaching a total of $354.2 million in trades on its most recent day.
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2024-05-17 00:04