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Fetch AI price saw a significant move yesterday, rising by 29% to $1.515 and closing at $1.505. The price increase continues today, with FET trading around $1.69 at the time of writing. This marks a 10% increase from yesterday’s highest level, following Nvidia Corporation making Microsoft the world’s largest company by market value.
FET Chart Analysis
FET price experienced a sharp drop on June 17 after Binance‘s delisting announcement. The ensuing FUD caused selling pressure, dropping the price to $1.104, but FET began to rise on June 19.
Fetch AI price action is below the 50-day level but has surpassed the 200-day simple moving average. A daily candle closing above the 200-day SMA could confirm the ongoing bullish trend. FET found strong support around $1.2 on the weekly chart and bounced back from this support. FET is currently facing resistance around $1.76.
Overcoming this minor resistance could lead to further gains to $2.61, with a minor stop around $1.93, which corresponds to the 50-day SMA. The relative strength index formed a double bottom on the daily timeframe and is expected to rise to 60. This indicates a 29% increase from the current level of 46.
What’s Happening in the AI Field?
After the news of NVIDIA surpassing Microsoft, Fetch AI price started to rise again. NVIDIA, the world’s largest chip manufacturer, saw a 3.51% increase in the last 24 hours, trading at $135.5, surpassing Microsoft. According to CoinMarketCap, NVIDIA is now the world’s largest company with a market value of $3.335 trillion.
The fear, uncertainty, and doubt (FUD) caused by Binance’s delisting announcements further fueled the price increase. FET will be replaced by the newly consolidated token Artificial Super Intelligence (ASI). Whales took advantage of the market panic to buy at low prices, causing a significant increase in FET price. Tokens associated with ASI also surged, with SingularityNET (AGIX) rising 25% in the last 24 hours. According to the official Fetch AI website, ASI will launch with a market value of $7.5 billion and will be among the top 20 cryptocurrencies.
