FET has been red-hot of late and is touting a this week, which is greater than some of the bigger cryptocurrency players such as Bitcoin, Solana, and TRON.
A big chunk of this upward momentum is hailed directly from Fetch.ai’s new announcements, including a brand-new global Innovation Lab being opened in San Francisco, California, which is going to really push at the boundaries of AI technology.
FET muscles its way up to a 60% weekly burst. Source: Coingecko
Investors’ excitement has been driven by their ability to become a lab innovation driver, so and most likely hit $1.537 on September 25, 2024.
The Innovation Lab is where early-stage startups could emerge with developing AI agent solutions, and Fetch.ai has earmarked $10 million yearly in support of these projects.
With probably up to $1 million spending on each project, the lab is sure to be one of the most critical drivers for Fetch.ai’s exponential growth.
No wonder that this strategy has unquestionably heated up the price surge as investors await the potential for game-changing developments emanating from this initiative.
FET Recovery And Market Sentiment
After suffering from intense selling pressure, FET was able to see a bounce with incredible strength. In the past 24 hours alone, FET has added an extra 7% to its gain, setting among the top AI cryptocurrencies.
FET market cap currently at $3.3 billion. Chart:
The good thing gets to stand out fully when it comes to the nature of this recovery, all things considered. Other focus projects on AI, such as Near Protocol and Internet Computer, have had it in the red in recent times, having shed 14% in the last 30 days. On the other hand, FET showed resilience in this period by being in the green 43% of the days.
Market sentiment towards Fetch.ai is cautiously optimistic. Currently, the Fear and Greed index is 55, which is a Greed sentimentᅳnot too overboard. This would indicate interests in Fetch.ai, though many investors are not getting carried away, and that may prove more sustainable.
Whale activity has also played a role in the performance of FET recently. A crypto whale has proven to regret a past sale of its FET holdings, Lookonchain reports.
The price of has surged 70% in the past 7 days!
A whale seemed to regret selling before and spent 2.385M to buy 1.79M back from at a higher price of $1.33 6 hours ago
This whale sold 2.33M for 2.385M at $1.02 from Aug 11 to Aug 23.…
— Lookonchain (@lookonchain)
Over the course of the period beginning on August 11 and ending on August 23, the whale in question unloaded 2.30 million FET for a total of 2.38 million USDT at an average price of $1.02.
Source: Lookonchain
Particularly noteworthy is the fact that the same whale repurchased almost 1.80 million FET at an average price of $1.33, which demonstrates his confidence in the viability of the asset.
Technical Indicators And Future Outlook
Fetch.ai is currently Neutral technically, according to However, the current-forecast price gap is promising: By September 25, 2024, FET should rise 14.23%. This projection and market sentiment suggest investors may consider buying Fetch.ai.
Featured image from Pexels, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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