Fetch.ai (FET) Sees Impressive Growth, Surpassing Previous Highs 🚀
Fetch.ai (FET) has experienced a significant surge in value, with a 40.12% increase in the past week. The token reached a two-year peak of $0.8420 on February 18, the highest since November 2021. This growth has sparked optimism among enthusiasts and investors, who are hopeful that FET will surpass its previous all-time high.
About Fetch.ai (FET)
Fetch.ai is a platform that combines artificial intelligence and blockchain technology to enable decentralized finance and data management. Its goal is to create a network of autonomous economic agents that can interact with each other and the physical world. The platform operates on its native token, FET, which serves various purposes such as governance, staking, and facilitating transactions within the network.
History of Fetch.ai Price
Fetch.ai was founded in 2017 by Humayun Sheikh, Toby Simpson, and Thomas Hain. With their expertise in AI and machine learning, they envisioned Fetch.ai as a decentralized network of AI tools for communication and mutual learning.
FET was introduced on the Binance Launchpad in 2019, raising $21 million at $0.236 per token. Initially an ERC-20 token, Fetch.ai launched its own blockchain mainnet in 2020.
According to CoinMarketCap data, Fetch.ai trading began in 2019 at $0.352 and reached a low of $0.01271 in March 2020. However, during the bullish phase of the crypto market, FET surged and achieved an all-time high of $1.19 on September 18, 2021.
After reaching its peak, the price dropped to $0.057 in November 2022. Nevertheless, FET has shown resilience as one of the top-performing tokens during the crypto winter, nearly quadrupling in value to its current price of $0.2194.
Currently, Fetch.ai is trading at $0.9433 with a slight decrease of 1.04% in the last 24 hours. Its trading volume has increased by 21.06% to $345.7 million, and it has a market capitalization of $785.7 million.
Reasons for Fetch.ai Rally?
There are three main reasons behind Fetch.ai’s recent gains:
- Partnership with Deutsche Telekom: Deutsche Telekom, a telecommunications giant, announced its partnership with Fetch.ai to support the advancement of blockchain technology. This collaboration includes Deutsche Telekom running a validator to enhance FET’s blockchain security.
- Introduction of OpenAI’s Sora: OpenAI unveiled Sora, an AI tool that gained significant attention on social media platforms. The excitement surrounding AI tokens in the crypto market has contributed to the increase in FET’s price.
- Speculation of Airdrops: Speculation about upcoming FET airdrops has sparked interest and investment in the project. However, Fetch.ai has clarified that they are not currently hosting any airdrops.
Will Fetch.ai Cross the $1 Mark to Hit a New ATH?
Crypto analyst Crypto Patel predicts that FET’s price will soon increase by 10 times from its current level, reaching $10. Technical analysis suggests a bullish sentiment for Fetch.ai against Tether (USDT), with both moving averages and oscillators leaning towards a positive outlook.
Resistance levels may hinder upward movement, with the highest level set at $1.1338. Support levels indicate potential buying interest but are not near the previous all-time high of $1. Whether Fetch.ai will achieve a new ATH soon remains uncertain.
As the FET price tests the resistance level around $1, it is advisable for investors to wait for confirmation before considering long trades. A successful turn of the current resistance into a support level could indicate the start of a significant upward trend.
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