- The FET crypto price surged 19.80% during the weekly trading session.
- The technical indicators summary suggests a bullish signal in the current phase.
- 24-hour trading volume has reached $207 million while declining by 3.73%.
Launched in March 2019, Fetch.ai (FET) is an artificial intelligence (AI) lab with an open-source, permissionless, decentralized machine learning platform. Based on the crypto economy, Fetch.ai aims to democratize AI technology with a permissionless network. By using autonomous AI, users can connect and access secure datasets. The AI model is rooted in optimizing DeFi trading, network transportation, smart energy grids, etc.
FET Crypto Performance 2024, Supply Changes, & Valuation
After experiencing a decline of 14.93% in January 2024, the FET crypto price reflected a massive upsurge in February 2024. The cryptocurrency delivered a positive return of 143.86%. Consequently, the shift of market sentiments to total bullishness has happened, and crypto traders and cruisers kept their eye on March 2024.
As expected, the FET coin price surged over 120% in March 2024 and gave 118.13% positive returns. However, those massive upsurges happened so quickly that early investors lost their patience and started booking profits from the $3.48 level. In April 2024, the price faced a 20.70% decline due to the correction.
The maximum supply of the FET token has yet to be registered. The total supply of cryptocurrency is at 1.15 billion, of which 848 million tokens are currently in circulation. The current market capitalization stands at $2.06 billion, and the total diluted valuation for this project is estimated at around $2.80 billion.
Price to Volume and Social Dominance Analysis
With a social dominance of over 1.30% across social media platforms, the crypto reflects dependency on social buzz. The rise in the number of tweets has positively impacted trading volume and price. Social dominance has been slowly fading in the current phase, covering 0.13% of the crypto world. However, any rise in social buzz can strongly impact price and volume.
Technical Analysis of the Fetch.ai (FET) Price
The current price rebounded the 50-day exponential moving average, indicating a shift in strong bullish sentiments. The 200-day EMA remains untouched by significant changes. The 50-day EMA can act as a dynamic support for the price.
The FET price made a strong, bullish move from the $1.56 level and reached the $3.48 resistance. Afterward, the price made a bearish movement while breaking below the $2.18 bullish point of interest (POI). The price has formed strong bullish candles from the $1.88 demand zone and is facing resistance from the $2.69 level. If the price closes above that level, the price may be seen moving to the $3.48 resistance.
The relative strength index (RSI) shows strong bullish momentum in the current trading phase. The RSI and the signal lines had a golden crossover, indicating strength reversal.
Summary
FET crypto’s price reflects a strong bullish trend in the current phase. However, the price is having a bullish correction period. The cryptocurrency performed significantly in almost all past sessions regarding the positive returns. At press time, the price has formed strong bullish candles from the $1.88 demand zone and is facing resistance from the $2.69 level. If the price closes above that level, it may be seen moving to the $3.48 resistance.
Technical Levels
- Resistance Levels: $2.69 and $3.48
- Support Levels: $1.88 and $1.56
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.