fxstreet.com
- Fetch.ai is up almost 10% in 24 hours, and about 60% over the last week.
- Joining the BTC rally, FET is the leading AI crypto gainer, with GRT, INJ, ROSE, and AGIX trailing.
- The surge has seen the altcoin test $0.3144, a level last tested in May with prospects for additional gains.
- Invalidation of the bullish outlook will occur if the crypto breaks and closes below the $0.2000 psychological level.
Fetch.ai (FET) price kicked off a rally late last week that has culminated to an uptrend, positioning the AI crypto coin among the top gainers on October 26. It leads this class of altcoins in following the lead of Bitcoin (BTC), which continues to surge with the $35,000 psychological level now on the horizon.
Fetch.ai leads AI coins behind Bitcoin
Fetch.ai (FET) price is up almost 10% in the last 24 hours and 60% over the last seven days, joining the broader market in what may very well pan out to be a bull run if Bitcoin confirms above $35,000 psychological level, or for the conservatives, a breach and close above $40,000.
For clarity, AI cryptocurrencies are tokens powering 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 is the biggest gainer, based on CoinMarketCap data. Users spend these tokens when they want to use their ecosystems and leverage the benefits of their integrated artificial intelligence.
GRT, AGIX, INJ, and ROSE are up 9%, 7%, 3%, and 8%, respectively, while FET boasts a stark 10% gain and heading up on the daily timeframe, leading its AI counterparts.
Fetch.ai price outlook as FET reclaims May highs
Fetch.ai price has tagged $0.3144 after the breakout, a level last seen in May. However, the price was rejected quickly, but remains above the supply zone, now turned bullish breaker and extending from $0.2514 to $0.2683. For as long as this order block holds as a support level, the upside potential remains in the cards for FET.
Based on the Relative Strength Index (RSI) outlook, momentum continues to rise, as it is inclined north. The Awesome Oscillator (AO) also tells a similar story, recording a series of green histogram bars in the positive territory. This shows bulls are leading the market.
Increased buying pressure above current levels could see Fetch.ai price confirm above the $0.3144 resistance level, flipping it into a support floor. Such a move would clear the path for a foray to the $0.3500 psychological level, denoting a 15% climb above current levels. In a highly bullish case, it could extrapolate the gains to the $0.4000 range high.
FET/USDT 1-day chart
IntoTheBlock’s “ Global In/Out of the Money” (GIOM) model reveals there is no immediate supply barrier that could limit Fetch.ai price from achieving its upside potential. Based on this on-chain metric, there is only one major area of interest between extending from $0.3334 to $1.0200 that is filled by a some investors who had previously bought FET around the $0.5834 price level. Here, approximately 492 addresses are holding nearly 11.54 million FET tokens.
FET GIOM
On the other hand, a rejection from the $0.3144 could see Fetch.ai price pull back, possibly failing the supply zone order block as a support. A break and close below this level, would confirm the downtrend. For longs, their stop losses should probably be right below the $0.2599 midline, because a decisive daily candlestick close below this level would open the drains and clear the clog for FET to dwindle in value.
In the dire case, the slump could send Fetch.ai price to the demand zone, ranging from $0.2150 to $0.2019. A solid move below the $0.2000 psychological level would commence a fresh downtrend, as this marks the last lower low. This would invalidate the bullish thesis.