Key Takeaways
Fetch.AI voted to approve the merger with AGIX and OCEAN and create the ASI alliance, a large, open-source AI infrastructure. FET will serve as the reserve currency.
While the ASI token was expected to go live on June 13, it was pushed back to July 15 because of technical and logistical challenges. While FET was one of the best performers at the start of 2024, it has corrected since its all-time high on March 28.
Fetch.ai did not respond to a request for comment.
Let’s now take a look at our own FET price predictions. We’ll also examine the FET price history, as well as explaining a little about what FET is and what it does.
Let’s examine some of the FET price predictions made by CCN on June 20, 2024. It is crucial to bear in mind that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate.
Minimum FET price prediction | Average FET Price Prediction | Maximum FET Price Prediction | |
---|---|---|---|
2024 | $3.56 | $3.59 | $3.62 |
2025 | $0.28 | $0.295 | $0.31 |
2030 | $14.22 | $17.90 | $21.25 |
There are two methods used to come to our FET price predictions. More specifically, fractals (mirroring movements and indicator readings) and the wave count are used. The average of the two methods is used for the average FET price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.
In June 2020, the FET price broke out from a long-term descending resistance trend line (white) after the weekly RSI generated bullish divergence (green). Then, it continued increasing alongside an ascending parallel channel until it reached a then all-time high price of $1.20 in September 2021. The high was made in the middle of the channel.
A very similar movement transpired in December 2022. After the RSI generated bullish divergence, the price broke out from a descending resistance trend line. It has increased inside an ascending parallel channel since. Similarly to the 2020 movement, the first two highs touched the descending resistance trend line.
The shape of the upward movement since the bottom (green) is also extremely similar to the one in 2020. In 2020, the ensuing correction ended close to the first higher low. If the same happens after the current increase, the entire correction will end near $0.22.
The second method is the wave count. In both the 2020 and current increase, the FET price completed a five-wave upward movement. In the 2020 increase, the movement ended at the 6.27 extension of wave one. If the same happens this time around, FET will reach a new all-time high of $3.62. Comparing the proportions of the movements implies the high will be reached in October 2024.
Then, using the depth and length of the previous retracement leads to a low of $0.22 in February 2026. So, at the end of 2025, the wave count predicts a price of $0.31.
In order to make a prediction for the FET price at the end of 2030, the average rate of increase of the past five years is used to make a prediction for the end of 2030. Since June 2020, FET has increased by 741% in an 1,827-day period, leading to a rate of increase of 0.40% daily.
Projecting this rate of increase until the end of 2030 leads an upward movement of 969% and a high of $17.90. We use this as our average price prediction, while we get the minimum and maximum values by adding and removing 20% to the predicted high.
The end of 2024 FET price prediction is very similar for both the fractal and wave count methods, giving a target between $3.62 and $3.65. While in the fractal method this will be the new all-time high, the FET price will have already reached its high in the wave count method.
Interestingly, both the fractal and the wave count give a similar outlook in the price at the end of 2025. Both indicate FET will have reached its all-time high and will be mired in a downward trend for the entirety of 2025, which can temporarily end in 2026.
The FET price prediction for the end of 2030 uses the current rate of increase. A price between $14.22 and $21.25 is likely if a similar rate of increase continues for the foreseeable future.
As outlined by the long-term price prediction, it is likely that FET is in wave four of a five-wave increase. The daily time frame price chart suggests the decline has taken the shape of an A-B-C corrective structure (black). The decrease has been contained inside a descending parallel channel.
If waves A:C have an exactly 1:1 ratio, the FET price will reach a low of $0.81, also validating the channel’s descending support trend line. While it is also possible that wave C has ended, neither the RSI nor the MACD confirm this possibility. The indicators have not generated any bullish divergences, and while they are moving upward, the MACD has not made a bullish cross yet while the RSI is still below 50.
In any case, the correction will either end soon or has already ended. A breakout from the channel’s resistance trend line will confirm the correction is over and will likely mark the beginning of the upward movement toward the new all-time high.
FET is part of the Artificial Intelligence (AI) category of cryptocurrencies, so let’s compare it with other projects from the same category.
Current price | One year ago | Price Change | |
---|---|---|---|
Near Protocol | $5.37 | $1.34 | +332.1% |
Fetch.ai | $1.64 | $0.22 | +785.9% |
Render | $8.02 | $2.28 | +301.6% |
SingularityNET | $0.67 | $0.23 | +214.3% |
Ocean Protocol | $0.67 | $0.355 | +105.5% |
FET is the best performer from the cryptocurrencies analyzed, gaining a remarkable 785.9%. Interestingly, its price has more than tripled the rate of increase of SingularityNET (AGIX) and its rate of increase is more than 7 times higher than that of OCEAN, its two partners in creating the ASI alliance.
FET launched on March 1, 2019, and reached its all-time high on March 28, 2024. However, it has traded downward since, falling over 50%. Despite the decline, the trend in 2024 has been positive, noting an increase of 140%.
Time period | Fetch.ai price |
---|---|
One week ago (June 13, 2024) | $1.58 |
One month ago (May 20, 2024) | $2.42 |
Three months ago (March 20, 2024) | $2.74 |
One year ago (June 20, 2023) | $0.20 |
Five years ago (June 20, 2019) | $0.18 |
Launch price (March 1, 2019) | $0.35 |
All-time high (March 28, 2024) | $3.45 |
All-time low (March 13, 2020) | $0.00817 |
As of June 20, 2024, the top five biggest Fetch.ai addresses were:
A worrisome fact is that a single wallet holds over half of the total supply, triggering centralization concerns. The wallet can cause significant selling pressure if it wants to sell its holdings.
Supply and distribution | Figures |
---|---|
Maximum supply | 2,630,547,141 |
Circulating supply (as of June 20, 2024( | 848,193 (32% of the maximum supply) |
Holder distribution | As of June 20, 2024, the top 10 holders own 73.08% of the total supply. |
In its technical documentation, or whitepaper , Fetch.ai says it is a decentralized platform built with a ready-to-go useful proof-of-work (PoW) system. It combines machine learning, blockchain technology and AI to create a “smart ledger” for problem solving. Fetch.ai is particularly focused on data sharing.
FET is an Ethereum token that powers Fetch.ai, a decentralized machine learning platform for applications such as asset trading, gig economy work, and energy grid optimization.
Fetch.ai’s first decentralized finance application helps Uniswap users automate trading according to predefined conditions. Fetch.ai was developed and created in 2017 by a team based in Cambridge, UK. The project was co-founded by Toby Simpson, Humayun Sheikh, and Thomas Hain.
FET and Fetch.ai help enhance a range of industries and sectors. They use AI and the capacity of agents to improve and learn from past mistakes.
Fetch.ai’s technology is relevant for a great number of industries, which include the popular sector of decentralized finance, supply chain, transport and mobility, electric vehicle infrastructure, train systems, and other industries.
The FET price increased significantly in 2024 but has fallen since its all-time high. It is worth mentioning that FET has been one of the best performers in the AI sector during the past year. So, if it maintains its momentum, the increase can continue for the rest of the year.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in FET.
While the Fetch.ai crypto price predictions for the rest of the year are positive, it is unclear if the short-term bottom has been reached. A brekout from the channel will confirm the upward movement, while a decrease to the channel’s support trend line can provide an optimal entry point.
Before you decide whether or not to invest in Fetch.ai, you will have to do your own research, not only on FET, but on other, related, coins and tokens such as AGIX and OCEAN. The tokens will merge soon. AGIX and OCEAN will be swapped for ASI at a ratio of 0.41 to 1, while FET will be swapped at a ratio of 1:1. This means that the prices of the tokens will likely maintain these ratios to prevent arbitrage opportunities. . Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Here is a chart for the Fetch.ai Google search volume for the past 90 days. This represents how many times the term “Fetch.ai FET” has been Googled over the previous 90 days. While volume was flat in March, April and May, it has picked up in June, possibly due to the delay of the ASI alliance merger.
According to main price predictions, FET will not reach double digits this cycle. However, it is possible it will do so by the end of 2030.
Fetch.ai (FET) is an Ethereum token that powers Fetch.ai, a decentralized machine learning platform for applications such as asset trading, gig economy work, and energy grid optimization.
Fetch.ai’s first decentralized finance application helps Uniswap users automate trading according to predefined conditions.