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Today’s Biggest Gainer: Fetch.ai Spikes 48% — Has FET Ended Its 81-Day Correction?

Published June 20, 2024 2:01 PM
Nikola Lazic
Published June 20, 2024 2:01 PM

Key Takeaways

  • $FET surged 40%, signaling potential bullish trend.
  • Alliance formation challenges big tech’s AI dominance.
  • $FET, $AGIX, $OCEAN to merge into $ASI on July 5.

Fetch.ai’s ($FET) token has surged over 40% since yesterday, outperforming the modest gains in the broader cryptocurrency market and being the biggest gainer today. As it had been in a sustained downtrend since March 28, losing 67% of its value, this rise could signal its starting bull turn. 

What Drove The Rise? 

This spike is attributed to Fetch.ai’s vision of building a decentralized digital realm where autonomous software agents operate using AI and blockchain technology, facilitating various complex tasks without human intervention.

In a significant move, Fetch.ai, alongside Ocean Protocol and SingularityNET, formed the Artificial Superintelligence Alliance on March 27, 2024. This alliance aims to challenge big tech’s dominance in AI by developing decentralized Artificial General Intelligence (AGI). They merged their tokens into a new ASI token to democratize AI technology access and promote ethical AI practices through a robust, scalable platform.

The alliance’s formation is a milestone in AI development, emphasizing a decentralized, collaborative approach to Artificial Superintelligence (ASI) and AGI. This approach counters the traditional centralized control of AI technologies. 

An upcoming summit and Super Launch Party will showcase the alliance’s progress and community engagement, reflecting the collaborative spirit at the heart of this initiative. The announcement published yesterday, June 19, correlated with the rise in FET‘s value and highlighted the upcoming merger on July 5, 2024, when $FET, $AGIX, and $OCEAN will consolidate into a single AI-focused token, Artificial Superintelligence (ASI).

FET Price Analysis

FET’s price began its significant uptrend on November 26, 2022, starting at a support level of $0.070. This rally peaked at nearly $3.5 by March 28, marking the conclusion of this bullish phase. The rally from last August’s low likely represents the start of a five-wave uptrend, with the March peak being its third wave.

FET
FETUSD | Credit: Nikola Lazic/Tradingview

FET is ending its corrective fourth wave with a low of $1.10, potentially its ending point since we can count an ABC pattern with its C wave being the same length as wave A. The daily chart RSI fell to the oversold zone at 22%, indicating that the June 19 low was likely the final in this descending channel.

Now, as the price approaches its resistance, we could see a temporary rejection leading to the first higher low before a breakout can happen. If this plays out, we will receive a confirmation of the start of the next major uptrend. 

According to this projection, FET could reach a new all-time high with a price target above $4 by September 2024. 

Disclaimer
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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