AI Tokens Preparing For Round 2: Industry Shows 8% Growth With RNDR And FET

Excluding Bitcoin, memecoins were the biggest narrative of this cycle. However, Artificial Intelligence (AI) tokens also performed remarkably during the first quarter of 2024. The crypto market recovered over the weekend from the May 1st retrace, with AI tokens showing significant gains. As a result, many industry experts think that the sector is poised for a Round 2 this cycle. Related Reading: Analysts Foresee Altcoins Explosive Rally Incoming, Is The Correction Phase Over? AI Sector Recovers By 8% Crypto analysts highlighted AI tokens alongside memecoins as the hottest topic of 2024, responsible for most of the massive gains during this cycle. According to CoinGeckos report, AI was one of the three sectors that delivered three-digit returns in Q1. Moreover, the largest AI token by market capitalization, Fetch.ai (FET), saw gains of 378.3% during this period. As a result, some analysts deem the AI sector to be the next main narrative of the cycle. Trader John Walsh, known as CryptoGodJohn, considers The future of AI coins preparing round 2. Walsh added that the AI season is extremely obvious and will go so much higher based on the developments in the sectors, including Nvidia earnings, Apple AI, and Microsofts $100 billion AI fund. To this, crypto analyst MacroCRG replied that a massive AI growth will be obvious in hindsight, considering that the sectors market capitalization is just $27.3 billion. AI mcap still just $27B It will be obvious in hindsight https://t.co/HH0Tb86fNY pic.twitter.com/71qgdwdM1C — CRG (@MacroCRG) May 6, 2024 According to a MacroCRG post, the AI market cap had increased 8% by Monday morning, and its daily trading volume was around $1.9 billion. On Tuesday, the market cap surged to $27.8 billion, a 2.3% increase from 24 hours ago. In comparison, memecoins $54.4 billion market cap doubles AIs. However, its market cap decreased by 2.8% in the last day, with the top ten memecoins showing red numbers in the past 24 hours. Is Artificial Intelligence About To Bloom Or Ruin the World? Despite the remarkable performance, some figures think the sector has a more pessimistic future. According to memecoin trader Murad, the developments in the industry will be replacing more & more jobs every year. As a result, there will be an increase in Anxieties and desperate attempts to make it. To the trader, the industry will serve as a push for the memecoins sector, as Growing AI capabilities will be one of the big forces accelerating the Memecoin Bubble. Financial giant Warren Buffett shared a more skeptical view on Saturday. The Co-founder and CEO of Berkshire Hathaway revealed he is not sold yet by artificial intelligence. To the CEO: We let a genie out of the bottle when we developed nuclear weapons. AI is somewhat similar its part way out of the bottle. Despite this, Buffet recognized the potential for AI technology to change the world positively. On The Brink Of A Millionaire Boom The AI industry is on the brink of a multi-trillion-dollar boom, stated Alex Wacy. The analyst believes the reasons behind this are the vast and diverse potential of applications. Moreover, the expert highlights that interest in the sector has steadily increased over the last year. A crypto and AI combination could potentially create a market valued in the trillions. According to the post, the market is projected to reach nearly $2 trillion by 2030, which suggests that the crypto industry should not overlook it. Tokens like RNDR showed a remarkable performance over the past week, with the price soaring by 45%. RNDR regained the $10 support zone this week after struggling to retest it over the last month. In the past 24 hours, the tokens price surged 6.4%, and its daily trading volume increased by 16.8%, with over $455 million being traded. FET is a top performing AI coin headed into the Nvidia earnings, as stated by John Walsh. The trader forecast that the token is looking for a next leg higher up after successfully retesting the $2.35 resistance level. $FET break retest now looking for next leg up higher FET will be a top performing AI coin headed into the nvidia earnings pic.twitter.com/Agl0eqB9mD — Johnny (@CryptoGodJohn) May 6, 2024 FET broke above this level over the weekend, rising to $2.5 on Monday and remaining above the $2.40 support zone since. At writing time, the token is trading at $2.42, representing a 2.4% increase in the last 24 hours and a $22.9% surge in the past week. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential FET's performance in the weekly chart. Source: FETUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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FET Breaches Key SMA Level, Will Bears Push Prices Lower?

The price of Fetch.ai (FET) has slipped below its critical 100-day Simple Moving Average (SMA), raising concerns about the potential for further downside toward the next support level at $1. This breach marks a pivotal moment for the asset, opening the door for negative pressure to take hold. As FET navigates this crucial phase, market participants are closely monitoring its ability to recover above the SMA or risk deeper declines. FET’s recent slip below the 100-day SMA, a significant technical indicator, and its implications for future price movements will be analyzed in this article. It will also explore whether this breach signals a continuation of bearish momentum or a possible recovery, providing insights into key levels and scenarios to watch in the coming days. Analyzing Bearish Momentum: Is A Deeper Decline Likely For FET? FET has fallen below the 100-day SMA on the 4-hour chart, signaling downbeat strength as the price approaches the $1 support zone. This breakdown indicates reduced buyer interest, giving bears control of the market. Holding at $1 could trigger a reversal, while a breach below may lead to more declines toward lower support levels. Also, the 4-hour Relative Strength Index (RSI) has fallen below the critical 50% level, currently at 44%, indicating a shift toward bearish sentiment and growing selling pressure as FET struggles to regain upward momentum. With the RSI under 50%, sellers are taking control, and if the RSI fails to recover above this threshold, the pessimistic trend may continue. Traders should watch for any signs of a reversal or if the price remains under pressure, potentially leading to further drops. Related Reading: FET At Risk Of Further Decline? RSI Signals Sustained Bearish Pressure On the daily chart, FET is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the 100-day SMA. This pattern implies that sellers are firmly in control of the market, relentlessly driving the price lower and prompting a strong likelihood of additional drops in the near term. Finally, the 1-day RSI analysis suggests that FET may face extended losses, as it remains below the 50% threshold, reflecting a continued bearish trend. With selling pressure likely dominating, the chances of further declines are high. A recovery above the 50% level could signal a potential reversal, but FET continues to struggle to regain an upward momentum for now. Navigating Risks And Opportunities In FETs Price Action Navigating the risks and opportunities in FETs price action requires a careful assessment of key technical indicators and market sentiment. As FET trades below its 100-day SMA and the 4-hour RSI drops below the 50% threshold, bearish momentum is gaining traction, which could signal more downside toward the $1 support range. Related Reading: FET Price Under Pressure: RSI Flags Extended Bearish Move Toward $0.966 However, opportunities for a reversal may arise if the asset manages to hold above key support levels or if buying pressure resurges, driving the RSI back above 50% and reclaiming the 100-day SMA. Meanwhile, this could pave the way for a potential move toward the $1.8 resistance level. Featured image from Medium, chart from Tradingview.com

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FET Gears Up for Gains: Bullish Momentum Eyes $1.8 Breakout

FET is showing renewed positive strength, with recent price action suggesting a breakout toward the $1.8 resistance level may be on the horizon. After bouncing back from key support zones, the cryptocurrency has caught the attention of traders as upward pressure begins to build. With buying interest growing and technical indicators showing signs of strength, the stage is set for FET to potentially reclaim higher price levels, positioning $1.8 as a crucial target for bulls looking to extend the rally. The aim of this article is to analyze FET’s recent bullish momentum as it approaches the $1.8 resistance level. By examining key technical indicators, price patterns, and market sentiment, this piece seeks to assess the likelihood of a breakout and the potential for further upside movement in the near term. Indicators Point Toward More Upward Movement For FET On the 4-hour chart, FET is exhibiting bullish signs as it aims to break above the 100-day Simple Moving Average (SMA). A push above this key technical indicator successfully could attract large buying interest, indicating that the bulls are regaining control and setting the stage for additional gains toward the $1.8 resistance level. An analysis of the 4-hour Relative Strength Index (RSI) reveals a renewed bullish potential, as the RSI has climbed above the 50% threshold and is currently sitting at 58%. This upward shift indicates increasing buying pressure. If the RSI continues on this trajectory, it could signal more upward movements for FET, paving the way for new highs, and reinforcing the bullish trend. Related Reading: FET Price Targets $3.4 After Breakout, Here Are The Key Levels To Watch After successfully avoiding a drop below the daily 100-day SMA, FET has positioned itself firmly above this key level, indicating that buyers have regained control. Holding above this crucial technical indicator suggests that FET may continue its upward trajectory, with the 100-day SMA now acting as a solid support level, further reinforcing the potential for continued gains. Also, the RSI on the daily chart is currently sitting at 54%, after a previous dip to 44%. The rise from lower levels indicates that FET may be regaining strength, with the potential for more growth if buying interest remains consistent. What Could Happen Beyond $1.8? FET is currently on an upward trajectory, eyeing a breakout above the $1.8 resistance level. A successful push beyond this mark could pave the way for further gains, with the next target set around $2.5. Should FET surpass $2.5, increased buying interest could fuel additional momentum, driving the price higher toward the $3.4 resistance level. Related Reading: Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started However, failure to sustain momentum and break below the $1.8 resistance could lead to a pullback toward the $0.966 support level. If the price drops below this critical point, it may trigger additional declines, potentially opening the door for deeper price corrections. Featured image from LinkedIn, chart from Tradingview.com

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FET At Risk Of Further Decline? RSI Signals Sustained Bearish Pressure

Recent price action is painting a bearish picture for FET, with the Relative Strength Index (RSI) signaling the potential for further declines. As the RSI hovers in bearish territory, the momentum seems to be favoring sellers, raising concerns of a deeper downturn.  In the midst of the intensifying downside pressure, attention is shifting to the critical $0.9 support level. Holding this level is crucial for avoiding additional losses, as a breakdown could lead to more significant declines. With current market sentiment suggesting more losses may be in store, this article aims to analyze the ongoing bearish extension in FET, focusing on how the RSI signals increased bearish pressure. By examining key technical indicators and market trends, this piece will explore whether FET is likely to experience more declines or if any potential support levels could trigger a rebound. RSI Signals Growing Downside Momentum For FET FET has recently shifted into bearish territory on the 4-hour chart, slipping below the 100-day Simple Moving Average (SMA) and heading toward the critical $0.9 support level. This decline below the 100-day SMA signals weakening momentum, with sellers gaining control over the market. An analysis of the 4-hour Relative Strength Index reveals that the signal line has decreased below 50%, and it is currently at 37%, reflecting increased selling pressure and diminishing buying interest. With the RSI in this territory, this points to the possibility of further downside movement for FET, highlighting a lack of bullish conviction in the market. Related Reading: FET: 30% Breakthrough Draws Investor Attention As New Developments Roll Out Furthermore, FET on the daily chart is displaying negative momentum after struggling to surpass the $1.8 resistance level. This struggle is highlighted by the formation of multiple bearish candlesticks, signaling persistent selling pressure in the market. Although the price remains above the 100-day SMA, which typically indicates a bullish trend, the inability to break through the $1.8 resistance suggests that upbeat strength is weakening, and FET could be poised for extended losses. A closer examination of the RSI formation on the 1-day chart indicates that the RSI signal line has dropped to 44%, recently falling below the important 50% threshold. Typically, an RSI reading below 50 suggests a bearish sentiment, indicating that the asset is losing steam. Such a decline could signal potential deeper corrections for FET unless a reversal is observed. Key Support Levels To Watch Amid Bearish Sentiment With bearish sentiment prevailing in the market, the $0.9 support level has become particularly crucial for FET. A breach below this level could ignite heightened selling pressure, possibly driving the price down toward the $0.4 support mark and beyond. Related Reading: FET Price Targets $3.4 After Breakout, Here Are The Key Levels To Watch If FET can maintain its strength and stay above the $0.9 support level, it may pave the way for a rebound, allowing the price to drift back toward the $1.8 resistance zone. A successful breakout above this key resistance level could spark a surge in buying activity, resulting in further gains as bullish momentum builds. Observing how FET reacts to these levels will be crucial, as they will indicate whether a recovery is on the horizon or if bearish pressure will reassert itself. Featured image from Medium, chart from Tradingview.com

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FET Price Under Pressure: RSI Flags Extended Bearish Move Toward $0.966

FET is facing strong downward pressure as bearish signals take hold, with the Relative Strength Index (RSI) suggesting further weakness could be on the horizon. Recent declines have pushed FETs price closer to key support levels, and the RSI’s current reading hints at a continuation of the bearish trend. With a potential drop toward the [...]

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