Fetch.ai Price Prediction: Can FET Hit $2?

Fetch.ai (FET) is boasting a market cap of $1.39 billion and a trading volume of $317 million, representing a 16% and 159% surge over the past 24 hours, respectively, as FET trades at $1.64.

The Fetch AI team is also excited as various crypto exchanges, including crypto.com, support the token merge. 

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Thank you @cryptocom for your support in the token merge! Exciting times ahead!🚀 https://t.co/HI9hMMddbj

— Fetch.ai (@Fetch_ai) June 25, 2024

Recently, AI-related cryptocurrencies have seen a significant rally among various AI coins, including Fetch.ai. The announcement of the ‘Superintelligence Alliance’ between Fetch.ai, Ocean Protocol, and SingularityNET marks a significant development in the altcoin realm. 

FET will be replaced by the new merged token Artificial Super Intelligence (ASI) on centralized exchanges. 

According to the Fetch AI website, ASI will launch with a $7.5 billion market cap and be one of the top 20 largest cryptocurrencies.

Fetch.ai, SingularityNET, and Ocean Protocol accentuate ASI’s critical decentralization across all tech layers, from network infrastructure to AI software and models, as crucial for humanity’s advancement.  

FET Statistical Data

According to data from Coinmarketcap:

• Fetch.ai price now – $1.64
• Fetch.ai market cap – $1.39 billion
• Fetch.ai total supply – 2.63 billion
• Fetch.ai circulating supply  –  848 million 
• Fetch.ai ranking – #60

Despite the 17% surge, the Fetch.ai price is trading with a bearish bias in a one-day timeframe. It records lower lows and highs as it consolidates within a falling channel.

In late March, Fetch.ai reached an all-time high of $3.47. Since then, the price of $FET has decreased by 52%, including a decline of around 37% in the past month.

However, the recent uptick was enough to push the altcoin’s weekly performance out of the red zone. As such, the FET price is up more than 35% over the past 7 days.

The FET price bulls seem to push the token toward a rally above the channel. However, the resistances around $1.977 and $1.612 (50-day and 200-day Simple Moving Averages (SMAs)) act as the threshold that the bulls aim to overcome. 

Notably, the Relative Strength Index (RSI) is soaring above the 30-oversold region towards the 50-midline level, currently at 47. However, the RSI position is below the mean level of 50 points, which signals a bear-dominated market. The momentum indicator is southbound, suggesting dwindling buying pressure. 

Moreover, the Moving Average Convergence Divergence (MACD) is bullish, with the MACD line (blue) crossing above the signal line (orange). This suggests that the short-term moving average is above the long-term moving average, indicating a potential upward trend.

Fetch.ai Price Prediction: Will The Bulls Trigger A Trend Reversal And Hit The $2 Mark?

If the RSI rises above the 50-mean level, the FET price could be set for a reversal or a bounce-back, pushing the price past the resistance levels. If the bulls gain some steam, they might push the price up above the 50-day SMA to around $2.64. In a highly bullish sentiment, they could surpass the $2.221 high to a new ATH at around $3.000.

On the other hand, if the bears manage to sustain the downtrend below the 50-day and 200-day SMA, signifying increased bearish sentiment, the FET price could slip below the critical support at $1.402. In a dire case, the downtrend could extend to test the $1.104 psychological level.

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