FET, the cryptocurrency that powers Fetch.ai’s ai-powered smart-contract platform, has been rallying on Wednesday in tandem with a broader move higher across cryptocurrency markets. Fetch.ai’s platform is designed so that developers can deploy intelligent software agents that can cooperate to offer services to individuals, companies, governments and other entities.
FET/USD was last changing hands in the $0.47s, up around 4.5% on the day and now up around 30% from recent double-bottom lows in the $0.3650 area printed last week and the week before. The cryptocurrency’s latest rebound has been helped more by more than just the recent double bottom. Traders also appeared to have been buying the cryptocurrency as it fell back towards its 21-Day Moving Average, which was last around $0.3680. As of late, the 21DMA has been acting as a strong area of support.
FET Powers Ahead of AI Narrative Gains Ground
The spectacular popularity of OpenAI’s AI-powered chatGPT chatbot, which became the fastest application in history to hit 100 million users, has triggered an AI arms race in big tech. Google recently released its own rival to chatGPT called Baird. The incredible capabilities of these recently released tools has driven home the idea that 1) AI is here to stay and 2) AI is going to have a huge impact going forward.
And this narrative has been gaining ground in cryptocurrency markets, with AI-linked projects like Fetch.ai benefitting from superb upside in 2023 as a result. Indeed, FET/USD began the year trading at around $0.09 per token, meaning it is already up over 400%.
How High Can FET Go?
While it’s not certain how long hype around AI technology can keep FET elevated, the broader cryptocurrency market rebound which continues to gain pace may be sufficient to lift FET further from here. The next target for the FET bulls would be a retest of the February highs in the $0.60 area, a roughly 28% rally from current levels. If FET can get above these levels, then a retest of 2021’s record highs in the $1.25 region shouldn’t be ruled out, given the lack of major resistance levels to block such a move.
Altcoins to Consider
Fetch.ai’s prospects look good. But traders should nonetheless always be looking to diversify and might want to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. Here is a list of a few presale projects vetted and favored by analysts at Business 2 Community.
Tamadoge (TAMA) is the cryptocurrency that powers the dog meme and Tamagotchi-inspired Tamaverse, an up-and-coming web3 gaming ecosystem. The team behind Tamadoge recently launched the first two games of the Tamaverse’s play-to-earn arcade, with another three games scheduled for release soon.
In the coming months, the Tamaverse will continue to expand with the release of the main Tamadoge game – where players breed, raise and care for digital pet non-fungible token (NFT) Doges, which they can use to interact socially with one another within a metaverse setting, as well as use within the arcade games. A suite of Tamadoge NFT are already available for purchase.
Given all the above features of the Tamaverse, Tamadoge is being billed by some observers as “a meme coin with utility”. According to CoinMarketCap, Tamadoge currently only has a market cap of around $19 million. Some think this could go a lot higher. TAMA can be found on more than a dozen CEXs and DEXs, including Tier 1 exchanges such as OKX and Gate.io and leading decentralized exchange Uniswap.
Meta Masters Guild (MEMAG)
An alternative to Tamadoge that investors might want to consider is Meta Masters Guild, an up-and-coming mobile-based web3 gaming ecosystem that is developing a host of fun and addictive games. The games will utilize non-fungible tokens (NFTs), allowing community members to earn rewards, as well as stake and trade. The platform hopes to in the future host dozens of viral games. Its first game, Meta Karts Racers will be released later this year.
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Meta Masters Guild is currently conducting a token presale to fund platform development. The presale just entered its final stage, with the project having raised a whopping more than $4.5 million in just a few weeks. Investors should note that the presale ends in just two days and there is a chance to win a massive $100,000 in MEMAG tokens.
RobotEra is an up-and-coming metaverse looking to topple the likes of Decentraland and The Sandbox owing to a more exciting, gamified user experience. RobotEra is currently building a planet-rebuilding space robot-themed metaverse that hopes to attract a mainstream user base thanks to its various play-to-earn and passive income opportunities.
RobotEra is currently conducting a presale of the TARO token that will act as the in-metaverse currency, with the start-up having already raised an impressive $880,000. TARO tokens are currently available for $0.02, but this will soon rise to $0.025, so investors should move quickly to get in on the ground floor.
- 9 Best Crypto Presales to Invest in 2023
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- AI Coin Prices Drop – AGIX and FET Pull Back, Is This Your Chance to Buy These Trending Crypto?
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