The Artificial Superintelligence Alliance [FET] has demonstrated remarkable growth, with a gain of more than 25% over the last week according to CoinMarketCap data.
Cryptocurrencies related to artificial intelligence (AI) are gaining traction, particularly following the positive earnings report from Nvidia (NVDA) that exceeded expectations.
Nvidia plays a significant role in influencing AI-centric coins like Fetch.AI, and the current price behavior indicates that FET may be poised for an upward movement as the crypto markets are anticipated to recover in the final quarter of the year.
Market analysts anticipate that the recent performance of FET might signal further increases, especially with the emergence of an inverse head-and-shoulders pattern, typically signaling a change in market direction.
FET has been on a downward trend since April, but the existing pattern suggests that the token could have discovered a robust support level.
If FET successfully breaches the neckline of this pattern and retests the breakout level, it could aim for profits exceeding 104% by the end of this year or early next year.
Moreover, the relative strength index (RSI) has moved beyond the neutral territory, indicating a shift towards positive market sentiment.
When these bullish indicators are combined, it suggests that FET’s price has the potential to surge significantly in the upcoming months.
Market Liquidation, Funding Rates, and Trading Volume
Insights from on-chain data shed more light on FET’s price trends. Market liquidations, funding rates, and trade volume all exhibit positive patterns for FET, particularly in September.
Although these metrics are presently undergoing a correction phase, they have been on an upward trajectory since early September, providing more grounds for predicting higher FET values.
Market liquidations stand at 63%, global average funding rates are at 50%, and the trading volume has slightly decreased to 39%.
An analysis spanning three months reveals that these metrics offer robust support for the bullish forecast, indicating that ASI is well-positioned for a sustained uptrend.
Active FET Addresses
Observing on-chain activities, the number of new addresses holding FET has been steadily rising since late August, while addresses with zero balances have decreased, suggesting increased accumulation by traders.
Furthermore, the count of active addresses is nearing a new peak, a positive signal indicating heightened interest in the token.
FET Leading in Social Media Influence
Social media engagement has also favored FET, bolstering its prospects. FET leads among AI-focused coins in terms of social dominance, maintaining a 1.65% advantage over its rival, TAO.
The surge in mentions on platforms like Twitter underscores the growing interest in FET, with over 1.5 million interactions and more than 14,000 posts discussing the token.
This uptick in social interaction underpins the expanding adoption of FET, contributing another layer of positivity for this AI-driven cryptocurrency.
Backed by robust technical patterns, favorable on-chain metrics, and escalating social interest, FET is primed for significant price movements, especially with the improving market conditions in the final quarter of the year.