Artificial intelligence-themed tokens have surged over the past 24 hours, posting double-digit gains as the market digests the US Federal Reserve’s 50 basis-point rate cut.🥰🥰
Artificial Superintelligence Alliance (FET)—a consortium of Fetch.ai, Ocean Protocol and SingularityNET—is a star performer today, with its FET token surging approximately 15% in the last 24 hours to reach $1.54 on Sept. 19. ✅✅
AI NARRATIVES DRIVE FET PRICE HIGHER
🎯🎯AI-focused tokens have posted significant gains in 2024 fueled by the emergence of various AI projects and the unprecedented performance of Nvidia’s stock.
FET’s rally on Sept. 19, mirrors a rally in Nvidia stock price, which is up 5.25% over the last 24 hours to $119, according to data from Yahoo Finance.🥈🥈
The token also rallied ahead of an important vote on a governance proposal in which alliance members will decide whether Cudos, an AI computing platform, will become part of the Artificial Superintelligence Alliance (ASI alliance). 🤗🤗
According to the ASI alliance, the merger is subject to approval by the communities of both projects, with a governance vote scheduled to take place between Sept. 19 and Sept. 24.
Against this background, FET has outperformed the broader crypto market, 😎😎rising more than 108% year-to-date and 558% over the past 12 months.
In comparison, Bitcoin (BTC) has risen 49% year-to-date and 140% over the last year, while Ether (ETH) has rallied just 6.7% year-to-date and 48% in the past 12 months.🎗🎗
TRADERS “BULLISH” ABOUT FET’S SHIFTING MARKET STRUCTURE
Data from Cointelegraph Markets Pro and TradingView reveals that FET price declined alongside the wider altcoin market, finding what appears to be a bottom at $0.70 on Aug. 5. The price has since recovered to the current levels, rising more than 120% since Aug. 5, breaking a “multi-month” downtrend, according to popular crypto analyst Rekt Capital.
📈📈Fellow analyst Nebraskangooner explained that FET price had broken out of an inverse head-and-shoulders (IH&S) pattern, suggesting a massive move upward if key resistances are broken.
The IHS pattern is a reversal technical setup that forms after an extended downtrend. It comprises a head, a left shoulder and a right shoulder that are upside down and placed below a neckline.📶📶
A breakout and close above the neckline completes the setup, indicating that the downtrend has reversed.🥰
“I think this one can push to the $1.90-2.15 resistance area as long as the neckline holds as support,” Nebraskangooner added.
That will increase the odds of a break toward the pattern’s technical target at $2.30, which represents a 50% uptick from the current price.
“The market structure is shifting,” said Doji, adding that they were “very bullish” on higher time frames.
💯💯This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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