Fetch.ai price reclaims May highs after a 60% rally as AI crypto coins join Bitcoin rally


Share:
  • Fetch.ai is up almost 10% in 24 hours, and about 60% over the last week.
  • Joining the BTC rally, FET is the leading AI crypto gainer, with GRT, INJ, ROSE, and AGIX trailing.
  • The surge has seen the altcoin test $0.3144, a level last tested in May with prospects for additional gains.
  • Invalidation of the bullish outlook will occur if the crypto breaks and closes below the $0.2000 psychological level.

Fetch.ai (FET) price kicked off a rally late last week that has culminated to an uptrend, positioning the AI crypto coin among the top gainers on October 26. It leads this class of altcoins in following the lead of Bitcoin (BTC), which continues to surge with the $35,000 psychological level now on the horizon.

Also Read: Bitcoin scratches its way to 17-month high, steered there by BTC ETF hope and April halving countdown

Fetch.ai leads AI coins behind Bitcoin

Fetch.ai (FET) price is up almost 10% in the last 24 hours and 60% over the last seven days, joining the broader market in what may very well pan out to be a bull run if Bitcoin confirms above $35,000 psychological level, or for the conservatives, a breach and close above $40,000.

For clarity, AI cryptocurrencies are tokens powering AI blockchain platforms, including but not limited to The Graph (GRT), SingularityNET (AGIX), Oasis Network (ROSE), Injective (INJ), and Fetch.ai (FET), among others. Out of these, FET is the biggest gainer, based on CoinMarketCap data. Users spend these tokens when they want to use their ecosystems and leverage the benefits of their integrated artificial intelligence.

GRT, AGIX, INJ, and ROSE are up 9%, 7%, 3%, and 8%, respectively, while FET boasts a stark 10% gain and heading up on the daily timeframe, leading its AI counterparts.

Fetch.ai price outlook as FET reclaims May highs

Fetch.ai price has tagged $0.3144 after the breakout, a level last seen in May. However, the price was rejected quickly, but remains above the supply zone, now turned bullish breaker and extending from $0.2514 to $0.2683. For as long as this order block holds as a support level, the upside potential remains in the cards for FET.

Based on the Relative Strength Index (RSI) outlook, momentum continues to rise, as it is inclined north. The Awesome Oscillator (AO) also tells a similar story, recording a series of green histogram bars in the positive territory. This shows bulls are leading the market.

Increased buying pressure above current levels could see Fetch.ai price confirm above the $0.3144 resistance level, flipping it into a support floor. Such a move would clear the path for a foray to the $0.3500 psychological level, denoting a 15% climb above current levels. In a highly bullish case, it could extrapolate the gains to the $0.4000 range high.

FET/USDT 1-day chart

IntoTheBlock’s “ Global In/Out of the Money” (GIOM) model reveals there is no immediate supply barrier that could limit Fetch.ai price from achieving its upside potential. Based on this on-chain metric, there is only one major area of interest between extending from $0.3334 to $1.0200 that is filled by a some investors who had previously bought FET around the $0.5834 price level. Here, approximately 492 addresses are holding nearly 11.54 million FET tokens.

FET GIOM

On the other hand, a rejection from the $0.3144 could see Fetch.ai price pull back, possibly failing the supply zone order block as a support. A break and close below this level, would confirm the downtrend. For longs, their stop losses should probably be right below the $0.2599 midline, because a decisive daily candlestick close below this level would open the drains and clear the clog for FET to dwindle in value.

In the dire case, the slump could send Fetch.ai price to the demand zone, ranging from $0.2150 to $0.2019. A solid move below the $0.2000 psychological level would commence a fresh downtrend, as this marks the last lower low. This would invalidate the bullish thesis. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

BTC soared to an intraday high of $64,000 before a quick correction. Amid excessive trading, Coinbase exchange crashed with users reporting zero balance. Coinbase acknowledged the incident, committing to resolve the matter.

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP