AI token soars, Fetch.AI surges by 14.5%, can FET reach $4?

Yesterday, the cryptocurrency market rose by 5.1%, with a total market cap of 2.3 trillion US dollars. The recent increase has driven developments in various fields, with memecoins rising by 9% and artificial intelligence (AI) tokens rising by 11.2% in the past 24 hours.

Fetch.AI (FET) is at the forefront of artificial intelligence, with a staggering 14.5% increase in the past day. Some analysts predict that this token will soon experience a bullish breakthrough.

According to reports, many market experts believe that AI tokens are the biggest contenders for the second round of narratives in this cycle. Alex Wacy said that due to the increasing interest last year, the AI industry is "on the edge of a trillion-dollar boom." Therefore, analysts believe that this industry may create a trillion-dollar market and reach $20 trillion by 2030.

This week, AI tokens have performed strongly. Altcoin Sherpa pointed out that the industry "looks good overall", with tokens like Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai performing the best.

Famous trading company D..Crypto believes that the artificial intelligence industry is "rebounding the strongest" in this new market trend, while memecoins seem to be "the weakest". The trader shared his views on Fetch.AI's recent performance.

Daan emphasized that the token is trying to break through the diagonal trend line. According to the chart, FET is testing the diagonal resistance level, and the first resistance level to be reclaimed is $2.35. Breaking through this level could be a "good start for further trend changes". In addition, the token has "already broken above the 4-hour 200MA/EMA". The trader stated that FET needs to test the $2.5 resistance level and stay above the $2.35 price range in order to "break the trend and rise in the coming weeks".

Similarly, cryptocurrency trader Scient believes that the token is consolidating within a bullish ascending triangle. His chart highlights the $2.12 level as support for the diagonal trendline. He predicts that the price will deviate from the trendline "towards the 1D 100EMA" before reclaiming the $2.12 price range and returning to the inside of the triangle. If a pullback occurs and the trendline is retested and confirmed, the trader says he will go long.

Cryptocurrency analyst World of Charts has discovered a "textbook" bullish ascending triangle pattern on the FET chart. The analyst expects an upward breakout to occur soon, potentially leading to a bullish wave of double the size. If the breakout is successful, the token's price may surpass the $4 range.

And, CryptoBoss seems to agree with this prediction as well. The trader shared a similar chart indicating a potential breakout that could double the token price. In the post, he stated, "$FET 4$ exe is loading..."

In the past 24 hours, the token has risen by 14.5%, from $2.04 to the price range of $2.3-2.32. This increase is 7.5% and 13.2% within the weekly and monthly time ranges, respectively. Similarly, the market activity of FET has also increased. Its daily trading volume has increased by 102%, with a trading volume of $354.2 million on the last day.

(Data Source: Rubmar Garcia)