AI Crypto (FET) Makes a ‘Large Bounce’

Published on: (FET), the leading artificial intelligence (AI) cryptocurrency, climbed to the top of the profit chart on Thursday. The 28% boost occurred just a few days earlier Planned FET merger with other AI tokens into the long-awaited Alliance for Artificial Superintelligence (ASI).

Bullish Brew: Artificial Intelligence market dynamics and upcoming FET growth within the fuel alliance

The recent boost in FET prices appears to be a combination of positive factors. The overall AI market is booming, fueled by the success stories of Elon Musk’s xAI solutions and Nvidia’s recent claim to the title of the world’s most valuable company. This positive sentiment appears to be spilling over to AI-focused cryptocurrencies, with FET being the main beneficiary.

Adding fuel to the fire is the upcoming launch of the Alliance for Artificial Superintelligence on July 15. The merger, which will see FET join forces with Ocean Protocol (OCEAN) and SingularityNET (AGIX), has generated significant buzz in the crypto community. The promise of a unified force in the AI ​​crypto space is likely contributing to the current bullish trend around FETs.

The positive outlook is further reinforced by the boost in trading activity. Derivatives markets saw a massive 210% boost in FET trading volume, indicating renewed investor interest. Additionally, low sellers are facing significant liquidation, suggesting a near-term correction and potential trend reversal in FET’s favor.

Bought territory and users’ fear

However, not everyone is convinced about the long-term prospects of FET. The token’s surge has pushed its Relative Strength Index (RSI) to 75 on the 4-hour charts, which means it may be entering overbought territory. This suggests a potential correction may be on the horizon as investors who bought early may be tempted to take profits.

Trading FETUSD at $1.56 on the daily chart:

Moreover, user sentiment seems mixed. While social media discussions about FET have reached levels not seen since March 2024, a significant portion of users of Binance, a leading cryptocurrency exchange, appear wary of the token’s long-term future. This discrepancy highlights the potential disconnect between casual investors and more experienced traders.

The recent incident on Binance adds to the uncertainty. The FET delisting warning message on July 1 (later clarified to be a delisting of the FET/USDT trading pair) caused the token’s price to drop temporarily. This episode highlights the potential for confusion and volatility surrounding the upcoming merger.

Featured image from Elegant Themes, chart from TradingView


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