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    AI Crypto Fetch.ai (FET) Makes a “Big Bounce”

    msmarkBy No Comments3 Mins Read

    Fetch.ai (FET), a leading artificial intelligence (AI) cryptocurrency, jumped to the top of the gainers chart on Thursday. The 28% increase comes just days ago Planned merger of FET With other AI tokens in the long-awaited AI Super Intelligence (ASI) Alliance.

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    The recent rise in FET price appears to be a combination of positive factors. The AGI market is experiencing a boom, fueled by success stories of Elon Musk’s XAI developments and Nvidia’s recent claim to the title of the world’s most valuable company. This positive sentiment appears to extend to AI-focused cryptocurrencies, with FET being the main beneficiary.

    What makes matters worse is the imminent launch of the Super AI Alliance on July 15. The merger, which will see FET join Ocean Protocol (OCEAN) and SingularityNET (AGIX), has created quite a buzz within the cryptocurrency community. The promise of a unified force in the AI ​​crypto space is likely to contribute to the current bull trend surrounding FET.

    The positive expectations are reinforced by the increase in trading activity. Derivatives markets saw a massive 210% increase in FET trading volume, indicating renewed interest from traders. In addition, short sellers are facing significant liquidations, indicating a short squeeze and a potential trend reversal in favor of FET.

    Overbought zone and user fear

    However, not everyone is convinced about FET’s long-term prospects. The symbol’s rapid rise has pushed the Relative Strength Index (RSI) to 75 on the 4-hour chart, indicating that it may enter the overbought zone. This indicates that a potential correction may be on the horizon, as investors who bought early may be tempted to take profits.

    FETUSD is trading at $1.56 on daily chart: TradingView.com

    Moreover, users’ feelings seem to be mixed. While social media discussions surrounding FET have reached levels not seen since March 2024, a significant portion of users on Binance, the leading cryptocurrency exchange, appear to be optimistic about the token’s long-term future. This discrepancy highlights a potential disconnect between casual investors and more experienced traders.

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    Adding to the uncertainty is the recent incident on Binance. A warning message regarding the delisting of FET on July 1 (later clarified as delisting of the FET/USDT trading pair) caused a temporary decline in the price of the token. This incident highlights the potential for confusion and volatility surrounding the upcoming merger.

    Featured image from Elegant Themes, chart from TradingView

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