Can Fetch AI Price Hit $2 as FET Whales Go on Buying Spree Ahead of Nvidia Earnings

Highlights

Fetch AI price surged 12% in the past 24-hours, indicating bullish momentum.
Open Interest increase by 8.95% to $66.14M suggests strong buying pressure.
Whale buys back FET at a higher price, reflecting a potential bullish trend.

Fetch AI (FET) price, a leading artificial intelligence token, has surged recently, signaling a potential upward trend in the AI crypto market. Other AI-based tokens have also seen significant price increases, reflecting a broader bullish sentiment. The surge is linked to Nvidia’s upcoming second-quarter earnings report, which has sparked investor interest in AI technologies within the cryptocurrency sector.

Fetch AI Price Surge Sparks Whale Activity Ahead of Nvidia Earnings

Fetch AI price and other AI tokens have experienced a significant surge over the past week, with notable gains in Render, The Graph (GRT), Bittensor (TAO), and SingularityNET (AGIX).

While AI cryptos are coiling up for an explosive breakout due to Nvidia Corp’s August 28 earnings report, Lookonchain reported a spike in FET whale activity.

On August 26, the on-chain analytics platform highlighted whale activity involving Fetch AI (FET). The whale, seemingly regretting an earlier sale at a lower price, repurchased 1.79 million FET tokens at $1.33 each from Binance, spending $2.38 million in Tether (USDT). This whale activity underscores the growing interest and volatility in AI-related assets as key tech firm earnings approach.

The price of $FET has surged 70% in the past 7 days!

A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago

This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z

— Lookonchain (@lookonchain) August 26, 2024

FET Price Analysis: More Gains Ahead After 70%-Week Surge?

Over the past 24 hours, Fetch AI (FET) price has significantly increased by 12% to $1.3, reflecting notable buyer pressure ahead of the highly anticipated events.

The AI-based cryptocurrency recorded a high of $1.40 and a low of $1.17 within this period, signaling a volatile yet upward trend. The FET token, a key player in the emerging artificial intelligence space, has seen a remarkable resurgence in investor interest, particularly as it eyes its all-time high (ATH) of $3.47, recorded on March 28, 2024.

If this upward movement continues, the Fetch price will show strong positive momentum. If the positive trend continues, Fetch.ai is poised to climb towards $2, potentially reaching a new all-time high of $3.47.

The Moving Average Convergence Divergence (MACD) indicates bullish momentum. The MACD line is above the Signal line, suggesting the potential continuation of the upward movement.

Can Fetch AI Price Hit $2 as FET Whales Go on Buying Spree Ahead of Nvidia Earnings — Fetch AI Price Chart| Source: TradingView

Supporting this uptrend is the 8.95% spike in Open Interest according to Coinglass data, signaling an increase in market activity for Fetch AI token. Trading volume surged by 51.46%, reaching $290.09 million. This uptick in trading metrics drives a bullish surge in Fetch AI’s price.

Conversely, any shift towards market pessimism might significantly alter Fetch.ai’s path. In such a downturn, FET will likely find support at the $1.3 level. A further decrease could cause its price to fall to approximately $1.

Frequently Asked Questions (FAQs)

1. When is Nvidia's Q2 earnings report scheduled?

Nvidia's second-quarter earnings report is scheduled for August 28. This event is closely watched by investors as Nvidia's performance can influence market trends, particularly in technology and AI sectors, including AI-based cryptocurrencies like Fetch AI (FET).

2. How could Nvidia's earnings affect Fetch AI?

Positive Nvidia earnings may boost investor confidence in AI technologies, potentially raising demand for AI-related cryptocurrencies like Fetch AI.

3. Can Fetch AI (FET) reach its all-time high (ATH) again?

Fetch AI has shown strong recent performance, with a surge in price and trading activity. If the bullish trend continues, especially influenced by factors like Nvidia's earnings report, Fetch AI could potentially approach or surpass its ATH of $3.47.

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