Fetch.ai (FET) has recorded a 13.50% gain within the past 24 hours, solidifying its position as one of October’s top-performing cryptocurrencies. This surge comes amidst a month marked by upward movements in Bitcoin (BTC), the leading cryptocurrency by market capitalization, as it strives to breach the psychological $35,000 threshold.
FET’s recent rally is not solely tied to Bitcoin’s performance; it may, in fact, be attributed to a series of positive developments on the horizon within the Artificial Intelligence (AI) realm in the coming weeks.
Notably, Fetch.ai itself unveiled DeltaV earlier in the month, an open platform designed for the emerging AI economy. This development has significantly influenced the growth of Fetch.ai’s network, resulting in increased token adoption.
Overcoming the Challenges
FET successfully breached the supply zone following the establishment of support at $0.22, with this support swiftly propelling the AI token into an upward trajectory. However, the price faced resistance at $0.30. Yet, it didn’t take long for the bulls to push against this resistance.
At present, bears are far from dominating the market, and as long as the $0.28 support remains intact, FET retains a strong potential for further value appreciation. Additionally, the Relative Strength Index (RSI) has turned upwards, reaching as high as 70.52.
Consequently, the momentum for FET may continue to rise. While the RSI reading indicates overbought conditions, the token is unlikely to experience a sharp decline, given the prevailing macroeconomic catalysts and current buying pressure.
FET Eyes $0.40
In an exceptionally optimistic scenario, FET could potentially surge past the $0.40 mark, but achieving this would necessitate a notable surge in buying activity. The Bollinger Bands (BB) signal increasing volatility, indicating that FET may be poised for a substantial upward movement.
Reinforcing this upward potential are two additional indicators: the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD). As of the latest data, the AO stands at 0.057. The presence of green bars on the positive side of the indicator signals a strong bullish influence.
If the AO maintains its positive position, FET’s journey to $0.40 could merely mark the outset of a larger upward trend. The MACD echoes a similar narrative, with the 12-period EMA (blue) positioned above the 26-period EMA (orange).
The prevailing status of these indicators suggests that there is a significant surplus of buy orders compared to sell orders. Consequently, FET holders could potentially anticipate another gain ranging between 20% to 30%, as long as sellers do not enter the market to disrupt this trend.