Fetch.ai (FET) Token Surges 60% as Artificial Superintelligence Alliance (ASI) Launches Innovation Lab in San Francisco

The price of the Artificial Superintelligence Alliance (ASI) token FET has surged by around 60% in the last week, driven in part by an announcement by ASI member Fetch.ai of the launch of its new Innovation Lab in San Francisco and a pledge to accelerate innovation in the sector by committing $10 million annually to support startups focused on AI agent solutions utilizing the company's technology.

The price of the Artificial Superintelligence Alliance (ASI) token FET has surged by around 60% in the last week. This is driven in part by an announcement by ASI member Fetch.ai of the launch of its new Innovation Lab in San Francisco and a pledge to accelerate innovation in the sector by committing $10 million annually to support startups focused on AI agent solutions utilizing the company’s technology.

FET Background

Some context: the rebranding of Fetch.ai into the Artificial Superintelligence Alliance (ASI) was finalized on June 13, 2024. This merger brought together three major decentralized AI projects—Fetch.ai, SingularityNET, and Ocean Protocol—under the new ASI banner. The aim of the merger is to create a robust decentralized AI ecosystem that challenges the dominance of Big Tech in AI development.

The price of FET has surged on recent market announcements. Source: BNC Market Cap

FET Technical Analysis

The recent price pullbacks in Fetch.ai (FET) are displaying a bullish technical pattern, known as Hidden Bullish Divergence, indicating that the recent price pullbacks may be temporary. This divergence is observed when the price action creates lower lows, while a technical indicator like the Relative Strength Index (RSI) forms higher lows, suggesting an upcoming bullish divergence.

According to technical analysis, this bullish divergence pattern could lead to a potential upside of 120%, possibly reaching its previous all-time high of $3.485. If the bullish momentum continues, Fetch.ai could reach the $2.2 price level, as long as it manages to stay above the $1.650 price level. However, a failure to maintain these levels could result in a decline to $1.

Technical Viewpoint

After stabilizing above $0.80 following a market downturn, Fetch.ai is now trading near the short-term resistance zone at $1.50. If buyers can push the price above this resistance, it could trigger a bullish trend with a short-term target of $2.5, potentially leading to new all-time highs. Long-term projections suggest a target price of $10, contingent on sustained bullish market conditions.

Market Position

In the AI and Big Data segment, Fetch.ai is emerging as a leading performer, closely trailing other major assets like Internet Computer (ICP) and Near Protocol (NEAR). This strong performance by FET is noteworthy in the context of the AI narrative, which has seen a strong interest in AI-driven cryptocurrencies. Fetch.ai's increasing influence in the market is evident from its market position.

This market development is also influenced by AI chip maker Nvidia's upcoming earnings on August 28, which are expected to impact AI assets. While not directly an AI asset, FET benefits from broader market trends and is well-positioned in the AI token market.

Community sentiment for FET is strongly positive. Source – CMC

Summary

The FET token’s recent bullish pattern and potential for significant gains highlight its importance in the evolving digital asset landscape. As Nvidia's performance impacts AI assets, Fetch.ai remains a key player with promising prospects.

The price of FET has stabilized above $0.80 and is hovering around the $1.50 resistance zone. A bullish breakout could push the token to $2.5, with long-term potential of a return to its all time high and beyond.

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