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Fetch.ai Price Jumps 300% in a Month — What Next for FET?

Last Updated March 15, 2024 3:31 PM
Nikola Lazic
Last Updated March 15, 2024 3:31 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • A major protocol upgrade and $100 million investment spurred interest in FET.
  • Strategic partnerships with Bosch and $40 million investment from DWF Labs were the key drivers behind the upturn.
  • There could be a potential correction phase after a significant uptrend.

From February 15, the price of Fetch has risen 380%, coming from a low of $0.65 to an all-time high of $3.10 on March 9. Since then, it has fallen back and is currently being traded at $2.75, which is still over 300% month over month. 

This uptrend began at the start of February, from a starting point of $0.50, marking an increase of 508%. As we saw signs of a downtrend being developed from the ATH, will this be a minor correction, or is FET ready for a significant downturn?

What Drove The Rise?

The dramatic rise in the price of Fetch.ai‘s token (FET) in February is down to several key developments within the Fetch.ai ecosystem. 

A major protocol upgrade, the v0.17, sparked a spike in interest and demand for the FET token. Additionally, Fetch.ai announced  a $100 million investment into Fetch Compute, an initiative to expand the platform’s computational resources through advanced GPUs. 

A notable partnership with the electronics giant Bosch created the Fetch.ai Foundation. Furthermore, Fetch.ai secured a $40 million investment from market maker and investment firm DWF Labs. 

These factors — protocol enhancements, significant investment in infrastructure, and strategic partnerships — have contributed to the dramatic increase in Fetch.ai’s token price. In turn, this reflects the growing enthusiasm and confidence in Fetch.ai’s potential to affect the AI and blockchain sectors.

Fetch.ai (FET) Price Analysis 

The price of FET started its last macro uptrend on November 26, 2022, after forming support at $0.070. It rose to a high of $0.61 in the middle of February. After that, it made a retracement to a higher low of $0.17 in August 2023. 

Daily chart.
FET could have ended its larger uptrend

These were most likely the first two waves out of the larger five-wave impulse. This is because FET only took off after their completion, developing its third wave. Its recent high could have marked its end, as implied by the lower degree wave structure and the daily chart Relative Strength Index, which reached 94% on March 6, 2024. 

Now, its corrective phase should begin, potentially bringing the price of FET back to its previous record high of $1.40. But looking on a larger scale, although there’s an correction expected, the descending price action still needs to confirm this. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

 

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