Cryptocurrency Analyst Predicts New All-Time High for AI Altcoin, Surging Over 250% in Less Than Three Months
In the world of cryptocurrencies, Fetch.ai (FET), an artificial intelligence (AI) focused altcoin, has been making waves with a significant price surge. Over the past three months, the altcoin has seen a remarkable increase of over 250%, according to a crypto analyst known as Rekt Capital.
Fetch.ai, a blockchain-based AI platform, aims to automate supply chain logistics and record-keeping for individuals or organizations. The altcoin closed at $0.204 on October 19, 2023, and as of the 5th of January, it is trading for $0.68, marking a gain of nearly 200%. This impressive performance has led to speculation that Fetch.ai could soon reach new all-time highs.
Rekt Capital, which has a following of 382,300 on social media platform X, suggests that Fetch.ai could remain in an uptrend if it breaks through a key resistance level on the monthly chart. The analyst noted, “A dip is in progress into the local support (purple). Retest is successful thus far there. Continued stability here and FET will challenge its final major resistance (red) for a chance at new all-time highs. Price discovery is a matter of time”.
The all-time daily high for Fetch.ai was $1.17, recorded in November 2021. However, the recent surge in price has led to increased optimism about the potential for new highs.
The recent performance of Fetch.ai has caught the attention of investors and analysts alike. According to CoinCodex, based on their Fetch.ai forecast, now is a good time to buy Fetch.ai. Binance’s price prediction input for Fetch.ai suggests that the value of FET may increase by +5% and reach $0.93771 by 2030.
The Fetch.ai token (FET) is a utility token that plays a crucial role in the functioning of the Fetch.ai network. It serves as the primary medium of exchange within the ecosystem, facilitating various transactions and operations. It can be used as a medium of exchange as FET is used to pay for services within the Fetch.ai ecosystem, such as AI-based services, and to cover network transaction fees and also can be used to deploy and operate smart contracts and autonomous economic agents (AEAs) on the network, which can autonomously perform tasks and services.
Users can stake FET to participate in securing the network through its Proof-of-Stake (PoS) consensus mechanism. Staking FET not only helps to maintain the network’s security but also allows users to earn rewards.
The rise of Fetch.ai is part of a broader trend of increasing interest in AI and blockchain technologies in the crypto market. As these technologies continue to evolve and mature, it is likely that we will see more altcoins like Fetch.ai making significant strides in the market.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information