Fetch AI’s price experienced a significant surge recently, jumping by 29% to $1.515 and closing at $1.505. The upward trend continues today, with FET trading at around $1.69. This increase follows Nvidia Corporation surpassing Microsoft as the world’s largest company by market value.
FET price analysis reveals a sharp drop on June 17 due to Binance’s delisting announcement, causing fear, uncertainty, and doubt (FUD) in the market. However, FET began to rise again on June 19. The price action is currently below the 50-day level but has surpassed the 200-day simple moving average. Closing above the 200-day SMA could confirm the bullish trend. FET found strong support at $1.2 on the weekly chart and is currently facing resistance at $1.76.
Breaking through this resistance could lead to further gains up to $2.61, with a minor obstacle at $1.93 corresponding to the 50-day SMA. The relative strength index shows a double bottom pattern on the daily timeframe, indicating a potential 29% increase from the current level.
In the AI field, the news of Nvidia overtaking Microsoft has contributed to Fetch AI’s price rise. Nvidia, the world’s largest chip manufacturer, saw a 3.51% increase in the last 24 hours, trading at $135.5. CoinMarketCap reports that Nvidia now holds the title of the world’s largest company with a market value of $3.335 trillion.
The FUD caused by Binance’s delisting announcements has further fueled the price surge. FET will be replaced by the new token Artificial Super Intelligence (ASI). Market panic allowed whales to take advantage of lower prices, leading to a significant increase in FET’s price. Tokens associated with ASI, such as SingularityNET (AGIX), also experienced a surge, with a 25% increase in the last 24 hours. ASI is set to launch with a market value of $7.5 billion and will be among the top 20 cryptocurrencies.
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