Crypto Trader Says AI Altcoin Close to Pushing to New All-Time Highs After Picture-Perfect Retest

A widely followed crypto analyst says that one artificial intelligence (AI) altcoin project could soon reach a new all-time high (ATH). Pseudonymous crypto trader Rekt Capital tells his 377,500 followers on the social media platform X that machine learning platform Fetch.ai (FET) is making a run for new ATHs after retesting a key price level.

Timeline of Fetch

Cryptocurrencies that are tied to artificial intelligence (AI) have enjoyed considerable gains as a result of Nvidia (NASDAQ: NVDA) exceeding earnings estimates for the second quarter of the year, suggesting that the positive trend for AI could well continue for the foreseeable future.

Binance, one of the world's largest cryptocurrency exchanges, has recently announced its support for the upcoming network upgrades of Fetch.ai (FET) and Terra Classic (LUNA). This move aims to enhance the functionality and performance of these blockchain projects, providing users with improved features and capabilities.

Bitget, a cryptocurrency derivatives exchange, has pledged $10 million towards the development of the Fetch.ai ecosystem. Fetch.ai provides infrastructure for autonomous services and features an AI agent network and smart wallet.

Fetch.ai [FET] shared a new proposal on 12 April which aims to improve the blockchain's NFT ecosystem. The latest proposal talks about funding an AI-focused NFT marketplace on the Fetch.ai network.

Fetch [FET] has been witnessing a decline in investor interest, which was evident from its trading volume. As per CoinMarketCap, FET's volume declined by nearly 30% in the last 24 hours, followed by its price.

As the world increasingly relies on artificial intelligence (AI) to power everything from search engines to self-driving cars, it's no surprise that traders and investors are turning their attention to the intersection of AI and cryptocurrency.

Since the launch of OpenAI's ChatGPT last November, the cryptocurrency market seems to have officially welcomed a new category: AI crypto assets. However, according to price trends, it seems it is now time for discounts.

AI(Artificial intelligence) technology has remained one of the hottest topics in 2023 so far. Despite a highly volatile phase in the past three months, the cryptocurrencies linked to this AI technology experienced substantial gains, reflecting their increasing popularity.

Fetch [FET] oscillated around $0.371 – $0.490 over the last few days before breaking below the range. However, bulls found steady ground at $0.298 on March 12, pushing the price back into its previous range only to face rejection at the range's upper boundary.

Following Openai's release of GPT-4, a deep learning and artificial intelligence product, crypto assets focused on AI have spiked in value. The AGIX token of the Singularitynet project has risen 25.63% in the last 24 hours.