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Highlights
- Fetch AI is starting to build momentum to rally ahead of the Superintelligence merger.
- FET breaks above key resistance triggering a 36% inverse H&S breakout.
- Technical indicators including EMAs and the RSI back the bullish thesis.
Fetch AI price prediction: The Artificial Intelligence (AI) industry is dominated by huge corporations backed by governments and Big Tech. However, the trend has recently spread into the cryptocurrency industry, allowing ordinary investors to participate in the industry through projects like Fetch AI. This bullish outlook has also been reflected in FET’s commendable price surge over the last year.
CoinGecko reveals a 537% increase in 12 months to $1.45. The move encompasses a 7.7% drop over the last seven days, as other crypto AI coins in the market also take a tumble.
Fetch AI stands out as an open-source protocol, supporting the development of a “permissionless, decentralized machine learning network with a crypto economy.”
The developers of the protocol work on the principles of democratizing artificial intelligence technology on top of a permissionless platform where anyone can access secure datasets by the use of “autonomous AI to execute tasks that leverage its global network of data.”
Crypto.com Announces Support For FET, OCEAN And AGIX Merger
The groundbreaking merger bringing together three popular AI crypto projects Fetch AI, Ocean Protocol, and SingularityNET, dubbed Superintelligence, could take the sector by storm, especially with the exchange Crypto.com announcing support.
Ocean Protocol and SingularityNET will cease to exist under the umbrella of Fetch AI. This move will prompt many delistings from platforms already supporting tokens OCEAN and AGIX.
According to a post on X by crypto.com “Trading, deposits, and withdrawals of AGIX and OCEAN will be suspended on 28 June and will no longer be supported.”
🚨 https://t.co/vCNztATSCO will be supporting the https://t.co/8r8wKuWsQ2 (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) token merge
ℹ️ The merger will combine $AGIX and $OCEAN into $FET
🖥️ Also, https://t.co/8r8wKuWsQ2 will be renamed to Artificial Superintelligence… pic.twitter.com/kkFWA5qoAP
— Crypto.com (@cryptocom) June 22, 2024
Fetch AI Price Prediction: FET Is Ready For 36% Move
Amid the developments in the ecosystem, Fetch AI is gearing up for a major run this week that could see it rise by 36% from the inverse head and shoulders (H&S) pattern resistance at $1.7.
Referencing the hurdle at $1.7 before a retrace to $1.45 currently, which has already been broken, more traders will likely long Fetch AI betting on the potential breakout to $2.34.
The Relative Strength Index (RSI) backs this breakout as it rallies into the overbought region. Should the RSI settle above 70 and consistently move toward 100, FET might rise to reach higher levels.
Other indicators, like the Exponential Moving Averages (EMAs), back the uptrend, with the 200-day EMA in line at $1.75 to provide support in case of a sudden correction.
The 20-day EMA in blue crossed above the 50-day EMA in red, further validating the bullish grip on Fetch AI price. The area at $1.6 will also come in handy if losses intensify due to profit-taking.
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