With the broader cryptocurrency market breaking out following Bitcoin’s big rally, FET is the next altcoin to post double-digit gains. The AI cryptocurrency reached 14% higher intraday at one point.
The move could be the start of something special, according to a ‘golden’ signal in Fetch.ai.
FET rises 14% as Golden Cross triggers
The FET is up 14% today as cryptocurrencies see significant gains across the board led by Bitcoin (BTC) this week. Even before the big move, the AI coin had opened this weekly trading session forming a golden cross of the 50 and 200 week moving averages.
A golden cross occurs when a short-term moving average crosses above a long-term moving average from below. This is a buy signal for trend-following technical systems and suggests that a new trend may be blossoming. A deathcross is the opposite sell signal.
While the signal itself is bullish based on the performance of trend-following systems, FET could prove itself as a crypto market leader by being one of the first coins to form such a golden cross. For example, Ethereum (ETH) and Bitcoin are still the cause of death.
Even recent market stars Chainlink (LINK) and Solana (SOL) have not formed a golden cross on the weekly time frame.
The golden cross has formed | FETUSD on TradingView.com
Can Fetch recapture the AI hype?
There’s no denying that fetch.ai’s latest double-digit price increase has brought new excitement and validation to the project. The startup’s vision of an AI-powered decentralized machine economy clearly resonates with many crypto investors. Furthermore, the AI hype left over from Nvidia’s epic rally could find its way further into Fetch.ai.
FETUSD rose over 2380% from October 2020 through April 2021. By the end of 2022, Fetch.ai gained another 900% after the release of ChatGPT and other major AI projects. What could this next rally do for returns on investment, if it continues higher?
Previous all-time highs are around $1.20, which could be the next logical target if the price breaks above $0.60, which has been the 2023 peak so far. In addition, the FET would conduct price research and it is impossible to predict how high it could go. But with just two months left in 2023, the $0.60 peak could remain the record high, with FET unable to break above it until 2024.