The Growing AI Sector in Crypto
If you’ve been following the crypto world, you may have noticed a significant rally in the Artificial Intelligence (AI) sector, despite the recent issues with OpenAI. With news of Sam Altman, the founder and CEO of ChatGPT, being let go, AI-based tokens like Fetch.ai (FET) faced downward pressure.
FET Riding Market Sentiment
Fetch.ai’s native token, FET, has been on an upward trend, experiencing a 160% rally in the past month. It seems poised for more gains as it breaks through essential resistance levels.
OpenAI Controversy Impact on FET
Recent developments regarding Sam Altman’s departure from OpenAI led to a slowdown in FET’s bullish momentum. The token’s performance has been influenced by happenings in the broader AI sector, causing uncertainties on shorter timeframes. However, FET regained its bullish momentum during the weekend, continuing its significant rally.
Potential for FET and a Word of Caution
Over the past week, FET surpassed the resistance at $0.56, eyeing its 2022 highs. Analysts are optimistic about FET’s trajectory, but some, like Tony Spilotro, advise caution. There is a potential for the token to double or quadruple in value before correcting significantly. History shows that FET has corrected by an impressive 80% after following a similar path, so new investors should proceed carefully.
Microsoft’s Announcement and Future Outlook
Today, Microsoft announced the hiring of Sam Altman to lead a new AI division, signaling a commitment to the future of AI. This move could potentially usher in a new era for AI and AI-based tokens.
Hot Take: AI-Driven Tokens Poised for Growth
Despite recent controversies and uncertainties, the AI sector in the crypto space, including tokens like Fetch.ai (FET), shows signs of significant growth. The potential for tokens driven by AI technology is evident, but caution is advised as historical patterns indicate the possibility of massive corrections. Moving forward, developments in the AI space could create new opportunities for investment and growth.
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