FET Explodes 60% After New Project Announcement – Details
26 August 2024 - 10:30AM
NEWSBTC
FET has been red-hot of late and is touting a price increase of
over 60% this week, which is greater than some of the bigger
cryptocurrency players such as Bitcoin, Solana, and TRON. A big
chunk of this upward momentum is hailed directly from Fetch.ai’s
new announcements, including a brand-new global Innovation Lab
being opened in San Francisco, California, which is going to really
push at the boundaries of AI technology. Investors’ excitement has
been driven by their ability to become a lab innovation driver, so
FET is seen to gain by another 14% and most likely hit $1.537 on
September 25, 2024. The Innovation Lab is where early-stage
startups could emerge with developing AI agent solutions, and
Fetch.ai has earmarked $10 million yearly in support of these
projects. Related Reading: Dogecoin Rally: Over 70% Of Holders
Enjoy Profit As Memecoin Climbs 9% With probably up to $1 million
spending on each project, the lab is sure to be one of the most
critical drivers for Fetch.ai’s exponential growth. No wonder that
this strategy has unquestionably heated up the price surge as
investors await the potential for game-changing developments
emanating from this initiative. FET Recovery And Market Sentiment
After suffering from intense selling pressure, FET was able to see
a bounce with incredible strength. In the past 24 hours alone, FET
has added an extra 7% to its gain, setting among the top AI
cryptocurrencies. The good thing gets to stand out fully when it
comes to the nature of this recovery, all things considered. Other
focus projects on AI, such as Near Protocol and Internet Computer,
have had it in the red in recent times, having shed 14% in the last
30 days. On the other hand, FET showed resilience in this period by
being in the green 43% of the days. Market sentiment towards
Fetch.ai is cautiously optimistic. Currently, the Fear and Greed
index is 55, which is a Greed sentimentᅳnot too overboard. This
would indicate interests in Fetch.ai, though many investors are not
getting carried away, and that may prove more sustainable. Related
Reading: NEAR: Network Upgrade Gives Token 23% Price Boost –
Details Whale Activity And Trading Volume Whale activity has also
played a role in the performance of FET recently. A crypto whale
has proven to regret a past sale of its FET holdings, Lookonchain
reports. The price of $FET has surged 70% in the past 7 days! A
whale seemed to regret selling before and spent 2.385M $USDT to buy
1.79M $FET back from #Binance at a higher price of $1.33 6 hours
ago This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug
11 to Aug 23.… pic.twitter.com/SNIbPrNp0z — Lookonchain
(@lookonchain) August 26, 2024 Over the course of the period
beginning on August 11 and ending on August 23, the whale in
question unloaded 2.30 million FET for a total of 2.38 million USDT
at an average price of $1.02. Particularly noteworthy is the fact
that the same whale repurchased almost 1.80 million FET at an
average price of $1.33, which demonstrates his confidence in the
viability of the asset. Technical Indicators And Future Outlook
Fetch.ai is currently Neutral technically, according to CoinCodex.
However, the current-forecast price gap is promising: By September
25, 2024, FET should rise 14.23%. This projection and market
sentiment suggest investors may consider buying Fetch.ai. Featured
image from Pexels, chart from TradingView
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