Fetch.ai’s Remarkable Rally
Fetch.ai (FET) has ignited a remarkable rally, propelling the AI crypto coin to new heights. This surge places it among the top performers on October 26, with AI cryptocurrencies rallying in tandem with the surging Bitcoin (BTC).
Leading the Charge for AI Coins
Fetch.ai (FET) has seen impressive gains of almost 10% in the past 24 hours and a remarkable 60% over the last week. This surge aligns with the broader market and could potentially signal the beginning of a bullish trend. However, the outcome may hinge on Bitcoin’s ability to confirm its position above the psychological $35,000 level, or for the more conservative, a breach and close above $40,000.
AI Cryptocurrencies Explained
AI cryptocurrencies are integral to AI blockchain platforms, including but not limited to The Graph (GRT), SingularityNET (AGIX), Oasis Network (ROSE), Injective (INJ), and Fetch.ai (FET), among others. Out of these, FET stands out as the top gainer, according to CoinMarketCap data. Users utilize these tokens to access the ecosystems and harness the benefits of integrated artificial intelligence.
Impressive Gains Across the Board
GRT, AGIX, INJ, and ROSE have experienced gains of 9%, 7%, 3%, and 8%, respectively, while FET boasts an outstanding 10% increase, leading the AI crypto pack on the daily timeframe.
Fetch.ai’s Price Outlook
Fetch.ai’s price has surged to $0.3144, a level last witnessed in May. Although a quick rejection followed, the price remains above the supply zone, which has now transformed into a bullish breaker, ranging from $0.2514 to $0.2683. As long as this order block provides support, the potential for further upside remains intact for FET.
Momentum and Market Sentiment
The Relative Strength Index (RSI) is on an upward trajectory, indicating rising momentum. The Awesome Oscillator (AO) echoes a similar sentiment with a series of green histogram bars in the positive territory, signifying bullish dominance.
Potential for Further Upside
If buying pressure continues to mount, Fetch.ai’s price could confirm its position above the $0.3144 resistance level, potentially turning it into a solid support. Such a move could pave the way for a push towards the psychological $0.3500 level, marking a 15% climb from current levels. In a highly bullish scenario, the gains could extend to the $0.4000 range high.
In/Out of the Money Analysis
The “Global In/Out of the Money” (GIOM) model by IntoTheBlock reveals no immediate supply barrier hindering Fetch.ai’s upside potential. The only significant area of interest is a range between $0.3334 and $1.0200, where approximately 492 addresses hold nearly 11.54 million FET tokens, having acquired them around the $0.5834 price level.
Downside Risk Considerations
On the flip side, a rejection from the $0.3144 level could lead to a pullback, potentially breaching the supply zone’s order block as a support. A decisive daily candlestick close below the $0.2599 midline could initiate a downtrend, warranting long positions to place stop losses just below this level.
In a worst-case scenario, a downtrend may drive Fetch.ai’s price towards the demand zone, ranging from $0.2150 to $0.2019. A substantial move below the psychological $0.2000 level would mark a fresh downtrend, invalidating the bullish thesis.