Fetch.ai (FET) Hits an All-Time High Amid AI and Crypto Boom; Will Bulls Breach the $2 High?

Fetch.ai (FET) recorded a new all-time high, touching $1.67%, signifying a sharp growth of 14.82% on March 1st. This achievement reveals the increasing investor confidence in Fetch.ai, gradually spurred by a solid stream of positive factors in the AI and crypto markets.

At press time, FET was still bullish, with prices up 21% from the intra-day low to $1.58. During the rally, FET’s market capitalization and 24-hour trading volume surged by 21.78% and 0.58%, respectively, to $1,314,710,934 and $493,634,316.

As for the rest of the cryptocurrency market, a rising trend has been witnessed with top cryptocurrencies, such as Bitcoin and Ethereum, setting the tone with considerable gains after hitting $63k and $3500, respectively, during the rally, as reported by CoinEdition. As a result of this positive market sentiment, a spillover effect has benefited the bulk of crypto assets, including the FET.

The move higher in Fetch.ai’s price partly reflects the broader bullish trend in the crypto market. This surge has been witnessed in the last week, with AI tokens recording significant gains and market capitalization hitting $18.6 billion.

AI Innovations Fueling Fetch.ai’s Growth

Fetch.ai has additionally been integrating artificial intelligence into decentralized applications. Consequently, the combined effect of recent AI breakthroughs and Fetch.ai’s solid strategic partners may have stimulated a surge in Fetch.ai’s value. For instance, Fetch.ai’s cooperation with Deutsche Telekom to discover the prospect of AI for enterprises and to explore its applicability in different industrial fields.

NVIDIA’s strong financial performance was also significant, creating heightened demand for AI and accelerated computing technologies. Concurrently, NVIDIA’s achievement may have stimulated AI-related cryptocurrencies like FET, leading to a bullish week in AI tokens.

Crypto Analysts Bullish on FET’s Rally

Fetch.ai’s future has already caught the attention of many crypto analysts and traders, as they are very optimistic about the project’s potential and have even compared it with some of the most successful crypto stories in the past, like Solana.

The consistent achievement of goals and optimism in the FET market, as it records an all-time high, has caused analysts to speculate that FET could climb to over the $2 point soon, possibly beating the present level. Such bullish forecasts indicate an increasingly widespread belief that Fetch.ai can become a prominent blockchain player in the AI-powered sphere.

FET/USD Technical Analysis

Despite FET’s bullish momentum, the Money Flow Index (MFI) rating of 81 suggests that investors may be overextending themselves and the market could be overbought. This trend indicates a potential upcoming correction in the FET price as investors take profits and the buying pressure decreases. If the MFI rating rises above 80, it may signal a strong sell-off soon as investors become more cautious.

FET/USD 4-hour price chart (source: TradingView)

In addition, the stochastic RSI rating of 89.01 and the shift below its signal line further support the idea of a possible correction in the FET price shortly. This combination of indicators could indicate that FET is reaching a point of being overvalued and may experience a pullback soon.