Analyst predicts next stop for Fetch.AI (FET) if accumulation is sustained
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Artificial Intelligence (AI) token Fetch.AI (FET) has maintained a massive uptrend in consonance with the broader growth observed on the market. At the time of writing, FET is changing hands at a price of $0.2867, up by 7.42% in the past 24 hours and by more than 35% in the past seven days.
The performance of Fetch.AI has drawn broad attention from top market analyst Rekt Capital, which believes a more imminent uptrend is underway for FET. According to the analyst, should FET sustain its current trend and form the highly craved support above the $0.2626 support zone, then the chance of printing a more parabolic run in the near term is high.
Fetch.AI offers a value proposition as a tech stack to help democratize the emergence and embrace of AI in digital systems. For the value it offers and the ecosystem it is nurturing, the protocol has gained notable traction over the years that might also sustain its current bullish projection.
Judging by its embrace by the market, as marked by its trading volume — which is up by 59% to more than $115.13 million — FET shows it has the right liquidity to fund its expected growth.
Age of AI tokens
Fetch.AI is one of the prominent AI tokens making waves in the broader crypto ecosystem. Two major events have sparked their overall embrace, and these include the growing AI app as driven by ChatGPT and other powerful chatbots, plus the current optimism in the crypto ecosystem riding on positive sentiment surrounding Bitcoin spot ETF approvals.
With growing demand for crypto-related AI products, while Fetch.AI is boosting the software offerings, protocols like Render Network (RNDR) are changing the game as concerns hardware and GPU mining.