The price of cryptocurrency Fetch.ai (FET) has seen remarkable growth over 2023, capping the year with a surge to new yearly highs, according to recent data.
FET hit a peak of $0.6192 in the last 24 hours, marking a 5% increase in the last 24 hours. FET is up by 45% in the last seven days and over 500% year-to-date.
Analysts cite FET’s focus on artificial intelligence and machine learning technology as a key driver of interest among investors. However, momentum indicators also suggest the rally may be overextended.
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The Relative Strength Index (RSI), which measures the speed and rate of price changes, recently flashed a bearish divergence before FET’s price cooled off slightly.
Will FET go higher during the weekend?
Crypto market experts are largely bullish on FET’s continued upside potential despite its parabolic rise this year. Analysts like David see room to run toward FET’s next resistance level around $1.00.
Some traders also cite bullish Elliott Wave patterns that could drive FET up to $0.72 or higher in the short term. However, the strength of that next leg up remains to be seen.
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For now, FET seems to be capitalizing on interest in AI technology and this year’s broad cryptocurrency boom. However, it is unclear whether the price of FET can surge higher. Investors and traders should be cautious while investing in Fetch.ai as the market can prove to be unpredictable.