As Fetch.ai Price Rallies Higher, This Under-the-Radar Crypto Is the Next AI Meme Bet
Fetch.ai ($FET), a $4.15 billion market cap token that is the second biggest AI coin in crypto, is up around 30% overnight, far outpacing gains posted by any other top 100 cryptocurrency today.
At the time of writing, Fetch.ai is up 28.4% since its price this time yesterday.
However, its explosive overnight price movement has done little to advance its price from last Thursday. The token trades at roughly the same price it was last week: around $1.65.
Not only has Fetch.ai outpaced market leader Bitcoin ($BTC), which only grew in price 1.6% overnight, but it has also beaten the biggest AI coin; Near Protocol’s $NEAR token rallied an impressive 9.4% and currently changes hands at $5.46.
Fetch.ai’s rally was prompted by a recent announcement that fellow AI coins Ocean Protocol ($OCEAN) and SingularityNET ($AGIX) will merge to $FET on July 15. Leading crypto exchange Binance announced support for the merger last weekend.
While the upward price action appears to have been delayed, whales are evidently buying up all three tokens right now. $AGIX is up 26% overnight, while $OCEAN rallied 24%, according to CoinCodex.
From mid-April through May, Fetch.ai seesawed between its $2 support level and resistance at $2.50, as indicated by the respective green and red lines.
At the close of the first week of June, the token spiraled downwards, exaggerating a similar trajectory posted by Bitcoin.
Last night’s whale purchase has lifted $FET back above its three-month low of $1.19, posted yesterday, but it has some way to go before it recaptures the $2 mark.
Its relative strength index (RSI) briefly shot up to 80 overnight, but it has since returned to the healthy range, indicating some profit-taking took place to help the token consolidate its
Read more on cryptonews.com
