Fetch.AI (FET) Breaks Out, Surging 62% as AI Tokens Spark Market Comeback

• FET has made a 67% run up the price curve after its merger with the Internet Computer (CP) and Near Protocol (NEAR) was announced.

• Analysts predict that FET could go as high as $2.2 when bulls continue to dominate the market. 

Artificial SuperIntelligence Alliance (FET) surged 9% in the last 24 hours and 67% in the last seven days to trade at $1.364 at press time.

According to our data, FET dominates the AI and Big Data category of crypto assets by daily and weekly returns, mounting a “hot chase” at Internet Internet Computer (CP) and Near Protocol (NEAR) as it trails by just $400 million and $2 billion, respectively. 

A whale regrettably sold 2.33M FET for 2.385M USDT at $1.09 amid this dramatic surge. After some hours, the whale spent the 2.385M USDT on 1.79M FET at a higher price of $1.33. 

Merger with OCEAN and AGIX, and Innovation Labs Announcement Linked to Price Surge

Prior to this sudden explosive run, Fetch announced that it had merged with SingularityNET’s AGIX and Ocean Protocol’s OCEAN and transitioned to ASI. 

On July 1 2024 project names and logos will be updated, $AGIX and $OCEAN deposits will close, and $FET deposits and trading will remain unaffected. The migration platform will open on the SingularityDAO dapp, and AGIX and OCEAN will start delisting from exchanges.

The rising price has also been linked to our recent announcements of Fetch.ai, including opening a brand-new global Innovation Lab in San Francisco, California. According to research, the Innovation Labs would be where early-stage startups could blend with developing AI agent solutions with $10 million earmarked annually to support these projects. 

Analysts Subject FET to Technical Analysis

With large investors showing interest in the asset, analyst Javon Marks has predicted that FET is showing a bullish trend, “Hidden Bullish Divergence.” According to him, the asset will make a three-time surge from its current position to hit an all-time high level. 

$FET (FetchAI), with its most recent daily close, has confirmed a Bullish Pattern in the form of a Hidden Bullish Divergence that can imply the recent pullback be a temporary one and that a continuation of the prior uptrend could continue! For FET, just the recovery process, pre-continuation, can consist of a nearly +120% upside from here back to its $3.485 all-time high level.

Other analysts also believe that FET could target the upper high of $2.2 if bulls continue to control the market and push it above $1.650. However, failure to validate this position would influence negative reactions and drag the price down to $1. This prediction is supported by The Moving Average Convergence Divergence (MACD) and the SMA indicator. 

Generally, the AI tokens have been tipped to dominate the crypto market ahead of Nvidia’s (NVDA) earnings on August 28. Over the years, NVDA has been a bellwether for the space as analysts expect earnings of 65 cents per share (a 141% surge from the previous year). Revenue is expected to rise by 113% to reach $28.72 billion. If this materializes, it would be NVDA’s fifth consecutive quarter of triple-digit growth.