{"id":608439,"date":"2024-05-16T21:00:38","date_gmt":"2024-05-16T21:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=608439"},"modified":"2024-05-16T15:30:33","modified_gmt":"2024-05-16T15:30:33","slug":"fetch-ai-soars-14-5-as-ai-tokens-surge-can-fet-reach-4","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/fetch-ai-soars-14-5-as-ai-tokens-surge-can-fet-reach-4\/","title":{"rendered":"Fetch.AI Soars 14.5% As AI Tokens Surge, Can FET Reach $4?"},"content":{"rendered":"

The crypto market is 5.1% up today, with a total market capitalization of $2.3 trillion. The recent pump has propelled different sectors, with memecoins being 9% up and Artificial Intelligence (AI) tokens increasing 11.2% in the last 24 hours.<\/p>\n

Related Reading: Crypto Analyst Shares Top AI Altcoin Investments This Month<\/a><\/div>\n

Fetch.AI (FET) is at the forefront of the AI sector with its remarkable 14.5% increase in the past day. Some analysts foresee a bullish breakout for the token soon.<\/p>\n

Are AI Tokens Taking The Lead?<\/h2>\n

As reported<\/a> by NewsBTC, many market experts consider Artificial intelligence tokens a contender for the cycle\u2019s biggest narrative in round 2.<\/p>\n

Alex Wacy said the artificial intelligence industry is \u201con the brink of a multi-trillion-dollar boom\u201d due to the increasing interest over the last year. As a result, the analyst considers the sector could create a market valued in the trillions, reaching $2 trillion by 2030.<\/p>\n

This week, AI tokens have performed strongly. Altcoin Sherpa pointed out<\/a> that the sector is \u201clooking decent overall,\u201d with tokens like Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai performing the best.<\/p>\n

Renowned traded Daan Crypto considers<\/a> the AI sector to be \u201cbouncing the strongest\u201d on this new market move, while memecoins seem to be the \u201cweakest.\u201d The trader shared his thoughts on Fetch.AI\u2019s recent performance.<\/p>\n

Daan highlighted the token\u2019s attempt to break above the diagonal trendline. Per the chart, FET is testing the diagonal resistance, with the $2.35 mark being the first resistance level to reclaim.<\/p>\n

\"AI,
FET is testing the diagonal trendline. Source: Daan Crypto<\/a><\/figcaption><\/figure>\n

A breakout above this level could be a \u201cgood start to a further trend change.\u201d Moreover, the token broke \u201cabove the 4H 200MA\/EMA already.\u201d Per the trader, FET would need to test<\/a> the $2.5 mark and remain above the $2.35 price range to \u201cbreak the trend and head higher over the next couple of weeks.\u201d<\/p>\n

Similarly, crypto trader Scient considers<\/a> the token consolidating inside a one-day ascending bullish triangle. His chart highlights the $2.12 mark as support for the diagonal trendline.<\/p>\n

He forecasted a deviation below the trendline \u201ctowards 1D 100EMA\u201d before reclaiming the $2.12 price range and moving back inside the triangle. If a retest and confirmation of the trendline reclaim occurred, the trader suggested he \u201cwould long it.\u201d<\/p>\n

Analysts Forecast $4 For FET<\/h2>\n

Crypto analyst World of Charts identified a \u201ctextbook\u201d bullish pennant pattern on FET\u2019s chart. The analyst expects an upside breakout soon, potentially leading to a 2x bullish wave. If the breakout is successful, the token\u2019s price could move above the $4 price range.<\/p>\n

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$Fet<\/a><\/p>\n

Formed Text Book Bullish Pennant Expecting Upside Breakout Soon Expecting 2x Bullish Wave Incase Of Successful Breakout #Crypto<\/a> #Fet<\/a> #Fetchai<\/a> pic.twitter.com\/Y3c0pqNFgN<\/a><\/p>\n

— World Of Charts (@WorldOfCharts1) May 15, 2024<\/a><\/p><\/blockquote>\n