Sam Cooling
Fetch Ai exploded back in February as hype around new AI products such as Chat GPT and Google BART gained huge traction in crypto markets.
This came after a long period of building for the industry’s leading AI blockchain.
With the recently launched Fetch AI 2023 project roadmap revealing huge steps towards ecosystem growth planned for this year.
We appreciate the patience, but the wait for the 2023 roadmap is officially over!
Take a look at our plans to continue innovating the #web3 spaces with real-world solutions and beyond! ️
https://t.co/fOG1PcPQSN pic.twitter.com/e6NKIn2y7U
— Fetch.ai (@Fetch_ai) March 4, 2023
The roadmap focuses heavily on micro agents – a highly anticipated expansion to the Fetch Ai ecosystem that will deliver highly-scalable modular P2P Ai microservices.
This comes amidst massive project news for Fetch Ai – which has recently partnered with one of the world’s largest electronics manufacturers Bosch to launch the Fetch AI Foundation.
Great couple of days in London & Cambridge with @BoschGlobal @pbusch42 @ricky_lamberty at our first Board meeting of @Fetch_ai Foundation, aligning our strategy, planning events, demos and outreach to showcase the range of tech tools available to the industry. #joinus pic.twitter.com/T1HTwvFjgD
— Maria Minaricova (@MariaMinaricova) March 9, 2023
The partnership organisation will be focused on promoting the adoption of new industrial technologies relating to AI and Web3.
FET Price Analysis
With Fetch Ai’s native token FET trading at a current price of $0.41 (a 24 hour change of -6.84%).
FET is undertaking a huge bounce back from lower trendline support, after the tail-end of the Ai narrative hype left FET in a challenging retracement pattern.
The massive +26% rally since Monday has seen FET break back above the 20 Day MA which is now forming solid footing.
Marking an end to weeks of retracement, the alt season bounce could see February’s Ai rally supercharge if bulls can crack ongoing resistance at $0.50.
The RSI cooled off quickly from the leg up, currently standing at 52 in a significant move from oversold territory. This leaves FET poised to push up further.
The MACD is showing minor bullish divergence at 0.0015, as FET bulls continue to battle with the resistant level at $0.50.
FET On-Chain Reveals Deep Accumulation Phase
Looking on-chain, $FET has been in a serious period of accumulation for more than a month.
Exchange Net Position Change reveals Fetch Ai is now in its 34th day of accumulation outflows – a clear signal that supply is reducing and investors are stacking.
With on-chain signalling that there is no imminent sell-off, it seems likely that FET will continue to push higher to a realistic break above ongoing resistance.
Fetch AI Price Prediction
overall, FET’s upside target if $0.50 flips to support would be $0.75 (a +75.27% move).
As for downside risk? Rejection here would like see a tumble to the nearest lower support level at $0.30 (-29.8%).
This gives FET a Risk: Reward ratio of 2.52 – a very attractive entry for one of the most cutting-edge projects in the space.
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This article was written for Business 2 Community by Sam Cooling.
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