- Fetch AI (FET) has seen a dramatic price increase, rising by 29% to $1.515 and closing at $1.505 yesterday.
- The current trading price has climbed to approximately $1.69, marking a continual upward trend fueled by recent market changes.
- This surge is linked to Nvidia Corporation’s actions, which subsequently made Microsoft the largest company by market value.
Discover the factors driving Fetch AI’s recent price surge and the key market developments shaping its future.
Analysis of FET Price Movements
On June 17, Fetch AI faced a steep drop caused by Binance’s delisting announcement, plummeting to $1.104 due to panic selling. However, by June 19, recovery was evident. Currently, FET’s trading activity remains below the 50-day moving average but has surpassed the 200-day simple moving average (SMA). Sustaining a daily close above the 200-day SMA could signal a confirmed bullish trend. Significant support has been observed around the $1.2 level on the weekly chart, with the price rebounding from this key level. Conversely, strong resistance is forthcoming near $1.76.
Breaking past the $1.76 resistance level may trigger further gains towards $2.61, with potential minor resistance around $1.93, closely aligning with the 50-day SMA. The relative strength index (RSI) indicates a double bottom formation on the daily chart, and it’s expected to rise to 60. This reflects a probable 29% increase from the current RSI level of 46.
The Impact of AI Developments on Fetch AI
Following the announcement that Nvidia had overtaken Microsoft in market value, Fetch AI saw another upward trajectory. Nvidia, the world’s largest chip manufacturer, experienced a recent price increase of 3.51%, trading at $135.5, and surpassing Microsoft. Now boasting a market value of $3.335 trillion, Nvidia is the most valuable company globally.
Moreover, Binance’s delisting announcements added an element of uncertainty, further driving up FET’s price. As Fetch AI transitions to Artificial Super Intelligence (ASI), the reaction in the crypto market has been significant. Major investors, or “whales,” seized the turbulence to acquire tokens at lower prices, spiking FET’s price. Related tokens such as SingularityNET (AGIX) also witnessed substantial price hikes, with AGIX appreciating by 25% within the last day. According to Fetch AI’s official site, ASI is launching with a market valuation of $7.5 billion, positioning itself among the top 20 cryptocurrencies.
Key Market Insights
- A confirmed daily close above the 200-day SMA could validate a bull market for Fetch AI.
- Key support levels at $1.2 and critical resistance at $1.76 should be monitored closely.
- Significant events like Nvidia’s market cap rise and Binance’s delisting decisions have critically influenced FET’s price movements.
- The anticipated launch of Artificial Super Intelligence (ASI) is poised to significantly impact related tokens in a positive manner.
Conclusion
Fetch AI’s recent price action is heavily influenced by high-profile market events and announcements, specifically those involving Nvidia and Binance. Investors should monitor these developments closely, as they present key trading opportunities and could shape future price dynamics.
