The first week of May witnessed a significant rise in the cryptocurrency market, with Bitcoin’s price jumping from $56,500 to $65,223. The recent surge in interest in Bitcoin ETFs listed in the USA played a crucial role in this rise and also supported the altcoin market in recovering from previous losses.
Current Status in Artificial Intelligence Tokens
According to the data obtained, the biggest tokens in this sector reached $37.9 billion, with an expected intraday gain of 7.3%. In the last 24 hours, top AI tokens like Graph (GRT), Fetch.AI (FET), and SingularityNet (AGIX) have shown gains, offering new long opportunities to momentum investors. GRT, the native cryptocurrency of the Graph network, has been on an upward trend for the last six days, with its price increasing from $0.22 to $0.3, marking a record 36% increase. This recovery raised Graph’s market value to $2.83 billion, while the 24-hour trading volume was recorded at $152.8 million.
The rising GRT price recently broke the downward trend line that had been active since the beginning of March. If the breakout continues, buyers could rally towards potential targets of $0.35, then $0.428, and $0.49. Fetch.ai is a blockchain-based platform aimed at transforming the operation of digital economies and data-driven markets through the use of artificial intelligence (AI) and machine learning (ML).
Critical Formation in FET
Following recent market consolidation, the FET price managed to stay above the $1.85 support, creating a local bottom on the daily chart. This rebound from the base indicated a 30% increase in the value of the cryptocurrency and revealed the formation of a double bottom reversal pattern, signaling higher upward potential.
At the time of writing, the Fetch.ai token is trading at $2.4 with a market value of $2.03 billion. Continuous buying is expected to increase the FET price by another 10% and break the neckline resistance of the formation at $2.64. The indicated breakout could accelerate the buying momentum and push the FET price to $2.85, then to $3.48.
