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FET token surges 75% in a month as AI narratives drive growth

GrafaGrafa2024/09/20 05:25
By:Mahathir Bayena

The Artificial Superintelligence Alliance (CRYPTO:FET) token has gained 75% in the past month, fueled by positive market sentiment and growing interest in artificial intelligence (AI) technologies.

The FET token, a collaboration between Fetch.ai, Ocean Protocol (CRYPTO:OCEAN), and SingularityNET (CRYPTO:AGIX), experienced a notable 15% increase over the last 24 hours, reaching $1.54 on September 19, 2024.

AI-related tokens and stocks have seen significant growth in 2024, driven by the increasing popularity of AI projects and the strong performance of companies like Nvidia.

The surge in Nvidia’s stock price, which increased by 5.25% within the last 24 hours, appears to have supported FET's rally, as the market continues to digest the impact of the US Federal Reserve’s 50 basis-point rate cut.

According to the Artificial Superintelligence Alliance, an upcoming governance vote from September 19 to September 24, 2024, will decide whether Cudos, an AI computing platform, will join the alliance.

This merger could further strengthen the position of FET within the AI-focused crypto space.

Year-to-date, FET has risen over 108%, significantly outperforming Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), which have increased by 49% and 6.7%, respectively.

Over the past 12 months, FET has surged by 558%, compared to Bitcoin’s 140% and Ethereum’s 48% gains.

Technical analysts remain bullish on FET’s market structure.

The token recently broke out of a multi-month downtrend and formed an inverse head-and-shoulders pattern, a bullish reversal signal.

Analysts suggest FET could rise toward the $1.90 to $2.15 resistance area, with a potential move to $2.30 if key levels hold.

At press time, the Artificial Superintelligence Alliance (FET) price was $1.59.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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