The price of Fetch AI (FET) experienced a significant increase yesterday, surging by 29% to reach $1.515 before closing at $1.505. Today, the price continues to rise, with FET currently trading at around $1.69. This marks a 10% increase from yesterday’s highest level. The rise in price follows Nvidia Corporation’s surpassing of Microsoft as the world’s largest company by market value.
In terms of chart analysis, FET’s price saw a sharp drop on June 17 after Binance announced its delisting. This led to fear, uncertainty, and doubt (FUD), resulting in selling pressure and a drop in price to $1.104. However, FET began to rise again on June 19. Access COINTURK FINANCE for the latest financial and business news.
Currently, Fetch AI’s price action is below the 50-day level but has surpassed the 200-day simple moving average. If the daily candle closes above the 200-day SMA, it could confirm the ongoing bullish trend. On the weekly chart, FET found strong support around $1.2 and bounced back from this level. The current resistance level for FET is around $1.76.
Overcoming this minor resistance could potentially lead to further gains, with a target of $2.61. However, there may be a minor stop around $1.93, which corresponds to the 50-day SMA. The relative strength index (RSI) formed a double bottom on the daily timeframe and is expected to rise to 60, indicating a 29% increase from the current RSI level of 46.
In the field of artificial intelligence (AI), the recent news of Nvidia surpassing Microsoft has also contributed to the rise in Fetch AI’s price. Nvidia, the world’s largest chip manufacturer, saw a 3.51% increase in the last 24 hours, trading at $135.5, surpassing Microsoft. According to CoinMarketCap, Nvidia is now the world’s largest company with a market value of $3.335 trillion.
The FUD caused by Binance’s delisting announcements further fueled the increase in Fetch AI’s price. FET will be replaced by the newly consolidated token Artificial Super Intelligence (ASI). Whales took advantage of the market panic to buy FET at low prices, resulting in a significant price increase. Tokens associated with ASI, such as SingularityNET (AGIX), also saw a surge, with a 25% increase in the last 24 hours. According to the official Fetch AI website, ASI will launch with a market value of $7.5 billion and will be among the top 20 cryptocurrencies.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a risk. It is recommended to conduct thorough research before making any investment decisions.
