YEREVAN (CoinChapter.com) – Fetch AI crypto, focused on the development of artificial intelligence, saw its FET token jump 380% year-to-date and stand at $0.43 on Feb 6. Moreover, the token jumped nearly 80% on Feb 3-5 alone but recoiled from significant resistance. So, what’s the short-term prediction for FET crypto?
FET charts predict a reversal
In addition to the resistance, Fetch AI charts painted a bearish relative strength index (RSI) divergence. In short, the relative strength index (purple graph on the chart below) marks the best market entry and exit point.
However, while the price action printed higher highs since early Dec 2022, the RSI printed lower highs, predicting an upcoming reversal. While the digital asset charted above its 20,50,100, and 200-day exponential moving averages, the more detailed one-hour chart showed a slowdown in trading volumes, backing the short-term bearish prognosis.
Also read: Bitcoin Price At Risk of Short-term Bearish Breakdown, Dollar Rallies.
However, it is essential to understand why Fetch.AI is going up to predict FET price.
Why is Fetch.AI Going Up?
Artificial intelligence commands more and more attention in the crypto sphere and the technologies segment in general. Thus, it is no surprise that Fetch AI investors doubled in 2023. Additionally, the Fetch AI platform recently posted updates that could have contributed to the FET price appreciation.
According to a Feb 1 tweet, the number of transactions on the mainnet reached 5 million “and counting.”
Additionally, the Fetch AI price has been affected by the growing publicity. As a result, the project has actively engaged in several AMA and Twitter Spaces sessions, establishing wider connections.
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Meanwhile, due to FET’s rapid price appreciation, Fetch AI approached the top 100 cryptos with a market cap of $357 million and ranking #109. According to the project’s whitepaper, Fetch AI crypto strives to bring decentralization to web3.
The core contribution of the framework is that it enables wide-spread and scalable real-world deployment of multi-stakeholder MAS utilizing DLT. This contribution is facilitated by the framework’s innovation in five key areas: developer experience, software engineering, artificial intelligence, economics, and user experience.
reads the document.
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