Fetch.ai (FET) has demonstrated remarkable growth, with its value increasing by 40.12% in the past week. On February 18, FET hit a two-year peak at $0.8420, the first time since November 2021. Enthusiasts and investors are closely watching this surge, optimistic that the token will surpass its previous record high. The AI altcoin‘s prior peak was $1.19 on September 8, 2021, 20.72% lower than the current price. With its strong recent performance, many are speculating about the potential of Fetch.ai price to achieve a new all-time high in 2024
Fetch.ai is a platform that merges artificial intelligence and blockchain technology to facilitate decentralized finance and data management. Its objective is to establish a network of autonomous economic agents capable of interacting both with one another and with the physical world. Fetch.ai operates its own native token, FET, which serves various functions such as governance, staking, and facilitating transactions within the network.
Fetch.ai was founded by Humayun Sheikh, Toby Simpson, and Thomas Hain in 2017. With their extensive expertise in AI and machine learning, they envisioned Fetch.ai as a decentralized network of AI tools capable of communication and mutual learning.
FET was introduced on the Binance Launchpad in 2019, securing $21 million in funding for $0.236 per token. Initially launched as an ERC-20 token, Fetch.ai’s blockchain mainnet became operational in 2020.
According to CoinMarketCap data, Fetch.ai trading commenced in 2019, debuting at $0.352 and plummeting to a low of $0.01271 in March 2020. However, as the broader crypto market entered a bullish phase, FET surged and attained an all-time high (ATH) of $1.19 on September 18, 2021.
Following this peak, the price dipped to $0.057 in November 2022. Nonetheless, FET has demonstrated resilience as one of the top-performing tokens during the crypto winter, nearly quadrupling in value to its current price of $0.2194.
As of now, Fetch.ai is trading at $0.9433, with a recent decrease of 1.04% in the last 24 hours. Despite this minor setback, its trading volume has surged by 21.06% to reach $345.7 million, accompanied by a market capitalization of $785.7 million.
There are three main reasons behind the recent gains in Fetch. ai. Firstly, Deutsche Telekom, a telecommunications giant, announced a partnership with Fetch.AI to support the advancement of its blockchain technology. As part of this collaboration, Deutsche Telekom will run a validator to enhance the security of FET’s blockchain. This news is considered one of the primary drivers behind the surge in FET’s value.
It's a monumental day!
Deutsche Telekom (@Telekom_MMS) has joined the Fetch Foundation as a corporate partner, alongside serving as a #validator to the network through their subsidiary, @mms_Blockchain.
Read more below 👇https://t.co/v58DtHPj4J— Fetch.ai (@Fetch_ai) February 13, 2024
Secondly, OpenAI unveiled its latest AI tool, Sora, which has generated widespread attention on social media platforms. The videos created by Sora have sparked excitement among investors regarding the potential of Artificial Intelligence (AI) tokens in the crypto market. This heightened anticipation has contributed to the increase in FET’s price.
Thirdly, there has been speculation about upcoming Fetch.ai (FET) airdrops. Airdrops are special events where existing token holders receive free tokens, which can lead to increased interest and investment in the project. The anticipation surrounding potential airdrops may have influenced investors to acquire FET tokens in hopes of benefiting from such events.
However, Fetch.ai issued a warning on Twitter, clarifying that they are not currently hosting any airdrops.
According to a prominent crypto analyst, Crypto Patel, on the X platform, there’s a prediction that the price of FET will increase by 10 times from its current level soon, reaching $10, following the surge of price by 75 percent in the past two weeks.
This BULL MARKET $FET will give really huge Returns IMO🚀
Big Dip means buying opportunities.
My Long Term Target: $10
Best Accumulation if dip: $0.4-$0.3#cryptomarket #FET pic.twitter.com/49eOuXNL3V— Crypto Patel (@CryptoPatel) February 18, 2024
Overall technical analysis suggests a bullish sentiment for Fetch.ai against Tether (USDT), with both moving averages and oscillators leaning towards a positive outlook.
Resistance levels show price points where selling pressure could increase potentially hindering upward movement, in the Fetch.ai price. The highest resistance level, R3 is set at $1.1338 indicating an obstacle for the price to surpass to reach its all-time high at $1.
On the side the support levels indicate price points where buying interest might strengthen, potentially preventing further decline in FET price. However, none of the support levels are near the all-time high of $1 suggesting immediate support to push the price back to its previous peak.
Given the resistance levels and lack of support levels, to the previous all-time high it remains uncertain whether Fetch.ai will achieve its new all-time high at $1 soon.
As the FET price continues to test the resistance level around $1, which is its all-time high, it’s wise for investors to wait for confirmation before considering long trades. If the FET price successfully turns the current resistance into a support level, it may indicate the start of a significant upward trend.
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