The cryptocurrency market is up 5.1% today, with a total market capitalization of $2.3 trillion. The recent pump has fueled various sectors, with memecoins rising 9% and artificial intelligence (AI) tokens rising 11.2% in the last 24 hours.
Fetch.AI (FET) is at the forefront of the AI sector with a remarkable 14.5% gain over the last day. Some analysts are predicting a bullish breakout for the token soon.
Are AI tokens taking the lead?
As reported by NewsBTC, many market experts see AI tokens as a contender for the biggest narrative of the cycle in Round 2.
Alex Wacy said the artificial intelligence industry is “on the brink of a multi-trillion-dollar boom” due to growing interest over the past year. As a result, the analyst believes that this sector could create a trillion-dollar market by 2030, reaching $2 trillion.
AI tokens performed well this week. Altcoin Sherpa indicated that the sector “looks decent overall,” with tokens like Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai performing best.
Famous Daan Crypto Trading thinks the artificial intelligence sector is “the hardest hit” by this recent market movement, while memecoins appear to be the “weakest.” The trader shared his thoughts on Fetch.AI’s recent performance.
Daan highlighted the token’s attempt to break above the diagonal trendline. As can be seen from the chart, the FET is testing diagonal resistance, with the $2.35 level being the first resistance level to be reclaimed.
A break above this level could be a “good start to a further trend change.” Moreover, the token has already broken “above the 4H 200MA/EMA”. According to the trader, FET would need to test the $2.50 mark and stay above the $2.35 price range to “break the trend and head higher in the next few weeks.”
Similarly, cryptocurrency trader Scient thinks the token is consolidating inside a one-day ascending bullish triangle. His chart shows the $2.12 level as support for the diagonal trend line.
It predicted a deviation below the trendline “towards the 1D 100EMA” before reclaiming the $2.12 price range and returning to the interior of the triangle. If there was a retest and confirmation of a trendline bounce, the trader suggested he would “long it.”
Analysts forecast $4 per FET
Crypto analyst World of Charts has identified a “textbook” bullish pennant pattern on the FET chart. The analyst expects an upward breakout soon, which will potentially lead to a double wave of increases. If the breakout is successful, the token price could exceed the $4 price range.
Bullish Pennant Textbook Formed Expecting an Upside Breakout Soon Expecting a 2x Bullish Wave in the Event of a Successful Breakout #Crypto #Fet #Fetchai pic.twitter.com/Y3c0pqNFgN
— World of Charts (@WorldOfCharts1) May 15, 2024
Moreover, CryptoBoss seems to agree with this prediction. The trader shared a similar chart, signaling a possible breakout that could see the token’s price double. In poststated: “Loading exe $FET 4$…”
Over the last 24 hours, the token has increased by an impressive 14.5%, from $2.04 to a price range of $2.3-2.32. The augment is 7.5% and 13.2% on a weekly and monthly basis.
Similarly, FET has seen an augment in market activity. Daily trading volume increased by 102%, and on the last day the trading volume was USD 354.2 million.
Featured image from Pexels.com, chart from TradingView.com
