Today, the cryptocurrency market is up 5.1%, with a total market cap of $2.3 trillion. The recent pump has propelled various sectors, with memecoins up 9% and artificial intelligence (AI) tokens up 11.2% over the past 24 hours.
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Fetch.AI (FET) is at the forefront of the AI sector with a notable 14.5% increase in the past day. Some analysts expect a bullish breakout for the token soon.
Are AI codes taking the lead?
As reported by NewsBTC, many market experts consider the AI tokens to be a contender for the largest round 2 round listing.
Alex Wassey said the AI industry is “on the verge of a multi-trillion-dollar boom” due to increased interest in it over the past year. As a result, the analyst believes that this sector could create a market worth trillions, reaching $2 trillion by 2030.
This week, AI tokens performed strongly. Altcoin Sherpa pointed out The sector “looks decent overall,” with tokens such as Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai performing best.
The famous trader Daan Crypto It is considered The AI sector is expected to be the “strongest” in this new market move, while meme currencies appear to be the “weakest.” The trader shared his thoughts on Fetch.AI's recent performance.
Dan highlighted the token's attempt to break above the diagonal trend line. According to the chart, the FET is testing diagonal resistance, with the $2.35 mark being the first resistance level to be reclaimed.
A break above this level could be a good start for further trend change. Furthermore, the symbol has broken “above the 200MA/EMA on an hourly basis already.” According to the trader, the FET will need to test the $2.5 mark and stay above the $2.35 price range “to break the trend and head higher over the next two weeks.”
Likewise, cryptocurrency trader Scient It is considered The token is consolidating inside a 1-day bullish ascending triangle. Its chart highlights the $2.12 mark as support for the diagonal trend line.
Expect a divergence below the trend line “towards 1D 100EMA” before reclaiming the $2.12 price range and returning inside the triangle. If a retest and confirmation of the recovery of the trend line occurs, the trader suggested that he would “buy it.”
Analysts expect $4 for FET
Cryptocurrency analyst World of Charts has identified a “book” bullish pennant pattern on the FET chart. The analyst expects a bullish breakout soon, which could lead to a double bullish wave. If the breakout is successful, the price of the token may move above the $4 price range.
Text book formed Bullish pennant predicts a bullish breakout soon We expect a 2x bullish wave in case of a successful breakout #encryption #fit #Ftchay pic.twitter.com/Y3c0pqNFgN
– World of Charts (@WorldOfCharts1) May 15, 2024
Moreover, CryptoBoss seems to agree with these expectations. The trader shared a similar chart, suggesting a potential breakout that could push the token to double its price. In the mailIt said: “Loading $FET 4$ exe…”
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In the past 24 hours, the token has risen by a staggering 14.5%, moving from $2.04 to the $2.3-$2.32 price range. This increase represents 7.5% and 13.2% on the weekly and monthly time frames.
Likewise, FET has seen a rise in market activity. Daily trading volume increased by 102%, with $354.2 million traded on the last day.
Featured image from Pexels.com, chart from TradingView.com