Today, the cryptocurrency market moved upward 5.1%, which made the overall value of the market reach $2.3 trillion. This increase has had an enormous impact on markets like memecoins, which are up 9%, and AI tokens, which have gone up 11.2% in the last 24 hours.
Fetch.AI (FET), which is the leader in the AI field, saw an immense 14.5% rise in value yesterday. Analysts think that FET will soon break out to the upside.
AI coins could be very important in the next market cycle, according to experts. An analyst named Alex Wacy said that the AI business is “on the brink of a multi-trillion-dollar boom” and that it could be worth $2 trillion by 2030 because of growing interest.
As of this week, AI tokens have done very well. Altcoin Sherpa pointed out that the sector as a whole has an upbeat outlook, with Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai being some of the best performers.
AI Tokens Showing Strength
Well-known trader Daan Crypto said that during the market surge, the AI sector is “bouncing the strongest,” while memecoins seem to be doing less well. He looked at Fetch.AI’s try to break above a diagonal trendline, with $2.35 being a key level of support.
Since FET has already gone above the 4-hour 200MA/EMA, a break above this could mean a change in the direction. Daan thinks that FET needs to try $2.5 and stay above $2.35 to be sure that the trend has changed.
Scient, a crypto trader, said that FET is consolidating within a one-day rising bullish triangle, with $2.12 acting as support. He thinks the price will briefly fall below this trendline before regaining $2.12 and going up. If the repeat works, it could mean it’s time to go long.
Analysts at World of Charts saw a “textbook” bullish pennant on FET’s chart and were waiting for a rise that could make the price double to over $4. CryptoBoss agreed with this assessment and hinted at a possible price rise by writing, “$FET 4$ app loading…
In the last 24 hours, FET went from $2.04 to between $2.3 and $2.32, a rise of 7.5% for the week and 13.2% for the month. The amount of funds that it traded went up by 102%, to $354.2 million.
