FET prices are rising amid renewed investor interest in the artificial intelligence (AI) cryptocurrency space. The asset has gained 26% over the past seven days, breaking through a key barrier on the daily chart. The price surge was driven in part by Kamala Harris’ relatively positive comments on cryptocurrency and AI. Fetch.ai has added a new member to the growing Artificial Intelligence (ASI) Alliance, further solidifying its foothold in the cryptocurrency AI space. So will this addition push FET prices higher?
Cudos joins ASI to boost FET prices
ASI officially announced that CUDOS will join the ASI Alliance and merge into FET. This brings the total number of members in the ASI Alliance to four, including Fetch.ai itself.
Cudos is a decentralized cloud computing platform that provides scalable, cost-effective computing power and enables users to provision and consume computing resources.
According to the official announcement, CUDOS will be converted to FET at a ratio of 118.344:1.
Data from Santiment shows that the network value to transaction volume (NVT) ratio surged on September 25, hitting a new all-time high. An increase in the NVT ratio generally indicates that investors are valuing crypto higher, which is reflected in the surge in FET prices.
Also bullish is the Coinglass liquidation chart, which shows that traders are more bullish on FET. The cumulative long liquidation leverage is $14 million, while the corresponding short liquidation leverage is $5 million. This difference means that bullish sentiment is dominating the FET market as traders expect that prices may surge.
FET prices have risen 2.5% in the past 24 hours and are trading at $1.69. Cudos, a project with a market cap of $88 million, joining the ASI Alliance could push the overall FET price above $2.
FET technical analysis: $3 in focus
The FET price chart shows a bullish trend with a well-defined inverted head and shoulders pattern. The pattern is a strong reversal signal, indicating a possible shift from a downtrend to an uptrend. The price has broken above the neckline (around $1.40), further confirming the bullish momentum.
$1.40 is now acting as a strong support level and any pullback is likely to find demand here, while on the other side, the next major resistance is around $2.55.
The long-term outlook remains bullish given the pattern breakout and lack of immediate resistance ahead of $2.55. However, if FET prices fail to hold the $1.40 neckline support, it could signal market weakness, leading prices to fall further towards the $1.00 and $0.50 support levels.
