FET Surges 14% on Golden Cross Trigger
The broader cryptocurrency market is experiencing a breakout, and FET is the latest altcoin to see double-digit gains. The AI cryptocurrency has surged by 14% today, following significant gains in Bitcoin (BTC) and other cryptocurrencies. What makes this surge special is the occurrence of a “golden cross” in Fetch.ai.
Understanding the Golden Cross
A golden cross happens when a short-term moving average crosses above a long-term moving average from below. This is seen as a bullish signal in trend-following systems, indicating the potential for a new trend to emerge. FET’s golden cross suggests that it could be leading the crypto market as one of the first coins to form this pattern, unlike Ethereum (ETH) and Bitcoin which are still death crossed.
Can Fetch.ai Regain AI Hype?
The recent surge in fetch.ai’s price has brought renewed excitement and validation to the project. The startup’s vision of an AI-powered decentralized machine economy resonates with many crypto investors. Moreover, there is residual hype around AI from Nvidia’s rally that could further boost Fetch.ai.
Fetch.ai has experienced significant rallies in the past, with returns exceeding 2380% between October 2020 and April 2021. Another rally of around 900% occurred after the release of ChatGPT and other major AI projects. If the current rally continues, the next logical target for FET would be to surpass its former all-time high of $1.20.
Hot Take: FET Could Set New Records
If FET manages to exceed $0.60, which was its peak in 2023 so far, it could enter price discovery mode with no limit on how high it could go. However, with only two months left in 2023, it is possible that the $0.60 peak might remain as the record until 2024.
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