The Artificial Intelligence (AI) industry has long been dominated by major corporations backed by governments and Big Tech.
However, the trend has recently permeated the cryptocurrency market, allowing ordinary investors to participate through projects like Fetch AI.
This optimistic outlook is reflected in Fetch AI’s impressive price surge over the past year.
According to CoinGecko, Fetch AI’s price has soared by 537% over 12 months, reaching $1.45.
Despite a 7.7% drop in the past week, the overall trend remains positive, mirroring the volatility seen in other AI-related cryptocurrencies.
Fetch AI distinguishes itself as an open-source protocol designed to support a “permissionless, decentralized machine learning network with a crypto economy.”
The developers aim to democratize AI technology on a platform where anyone can access secure datasets using “autonomous AI to execute tasks that leverage its global network of data.”
A significant development in the ecosystem is the merger of three notable AI crypto projects: Fetch AI, Ocean Protocol, and SingularityNET.
This merger, known as Superintelligence, has the potential to revolutionize the sector, especially with Crypto.com announcing its support.
READ MORE: Runes Token Transactions Drop 88% Amid Bitcoin Blockchain Challenges
Under this merger, Ocean Protocol and SingularityNET will be integrated into Fetch AI, leading to the delisting of OCEAN and AGIX tokens from various platforms.
Fetch AI is poised for a significant price increase, potentially rising by 36% from the inverse head and shoulders (H&S) pattern resistance at $1.7.
With the current price retracing to $1.45 after surpassing $1.7, more traders are likely to go long on Fetch AI, aiming for a breakout to $2.34.
The Relative Strength Index (RSI) supports this breakout, rallying into the overbought region.
If the RSI remains above 70 and moves toward 100, Fetch AI’s price might reach higher levels.
Other indicators, such as the Exponential Moving Averages (EMAs), also support the uptrend.
The 200-day EMA at $1.75 provides support in case of a sudden correction, while the 20-day EMA in blue crossing above the 50-day EMA in red further confirms the bullish trend.
The area around $1.6 will be crucial if losses occur due to profit-taking.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
