The Artificial Superintelligence Alliance (FET) is gaining a lot of attention due to its crucial role in the fields of AI and big data. With the release of Nvidia’s earnings report, AI-related cryptocurrencies like FET are showing strong growth potential.
The price of the Artificial Superintelligence Alliance (ASI) token FET has increased by around 60% in the last week, in part due to ASI member Fetch.ai’s announcement of the opening of its new Innovation Lab in San Francisco and a commitment to accelerate innovation in the industry by providing $10 million annually to support startups focused on AI agent solutions using the company’s technology.
FET Background
The renaming of Fetch.ai to Alliance for Artificial Superintelligence (ASI) was completed on June 13, 2024This merger brought together three major decentralized AI projects – Fetch.ai, SingularityNET and Ocean Protocol – under the new ASI banner. The goal of the merger is to create a robust decentralized AI ecosystem that challenges Big Tech’s dominance in AI development.
The FET price has risen sharply due to recent market announcements. Source: BNC Market Cap
FET Technical Analysis
The recent bullish pattern, known as Hidden Bullish Divergence, suggests that the recent price declines could be temporary. Analysts are forecasting a potential upside of 120%, possibly reaching the previous all-time high of $3,485. If the bullish momentum continues, Fetch.ai could reach $2.2, assuming it stays above $1,650. However, if these levels cannot be held, it could result in a drop to $1.
Technical point of view
After stabilizing above $0.80 following a market decline, Fetch.ai is now trading near the short-term resistance zone at $1.50. If buyers can push the price above this resistance, it could start an uptrend with a short-term target of $2.5, potentially leading to new all-time highs. Long-term projections suggest a price target of $10, depending on sustained bullish market conditions.
Market position
Fetch.ai is emerging as a leader in the AI and big data segment, closely following other major assets such as Internet Computer (ICP) and Near Protocol (NEAR). This strong performance reflects the growing interest in AI-driven cryptocurrencies and Fetch.ai’s increasing influence in the market. AI chipmaker Nvidia’s upcoming earnings report on August 28 is another significant market development, and FET is well positioned in the AI token market, benefiting from broader market trends.
The mood in the community towards FET is extremely positive. Source – CMC
Summary
The FET token’s recent bullish pattern and its potential for significant gains underscore its importance in the evolving digital asset landscape. As Nvidia’s performance impacts AI assets, Fetch.ai remains a major player with promising prospects. FET has stabilized above $0.80 and is fluctuating around the $1.50 resistance zone. A bullish breakout could propel the token to $2.5, with the long-term potential of a return to its all-time high and beyond.
