- Artificial Superintelligence Alliance (FET) has seen a 20% rally in price, rising from $1.17 to $1.40.
- The recent surge follows Fetch.ai’s announcement of an Innovation Lab in San Francisco.
While the global crypto market is displaying mixed price actions today, the Artificial Superintelligence Alliance (FET) has emerged as a top performer. Bitcoin (BTC) remains above $64,000 and Ethereum (ETH) trades near $2,800. FET has rallied nearly 20%, climbing from a low of $1.17 to a high of $1.40.
Over the past week, FET has significantly outperformed major cryptocurrencies like BTC, SOL, and ETH, surging more than 70%. This significant rally follows Fetch.ai’s recent announcement of an Innovation Lab in San Francisco, set to push the boundaries of AI technology. The lab, launched on August 23, will support early-stage startups with a $10 million annual budget to advance AI agent solutions.
Can Artificial Superintelligence Alliance (FET) Sustain Its Rally?
Recovering from recent selling pressure, FET has turned into the top ginger among AI-based cryptocurrencies. The Artificial Superintelligence Alliance has risen over 8% in the past 30 days, reaching a monthly high. In contrast, Near Protocol (NEAR) and Internet Computer (ICP) have fallen by 14% each respectively.
At the time of writing, FET is trading at an average price of $1.306, with its 24-hour trading volume up by 37% to $286 million. With a market cap of $3.31 billion and a total supply of 2.63 billion, FET is ranked 27th among cryptocurrencies.
According to the daily price chart, FET is eyeing a potential rise towards the $2 zone. With a sustained bullish trend and ongoing positive momentum, the token appears to be on track to test significant resistance levels. FET is trading above the 23.6% Fibonacci retracement level could signal a strong bullish trend ahead.
The next key resistance point is the 1.42% Fib level, which suggests a continuation of the bullish trend near $1.76. If the token breaks through this level, it is likely to encounter resistance around $2.
Technical indicators reveal a strong bullish trend for the token. The RSI is nearing a neutral level of 56, suggesting continued upward potential. The MACD is showing a bullish crossover, where the MACD line crosses above the signal line. This crossover is a positive signal, indicating that recent price momentum is strong and could lead to further gains.
Additionally, the token has surpassed both the 21-day and 200-day EMAs, reflecting robust buying pressure.
Despite its recent gains, FET remains over 60% below its all-time high of $3.47 recorded on March 28. If the cryptocurrency drops below $1.15, particularly around the $0.85 level, it could signal an immediate shift toward a bearish trend.
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