The Fetch.ai price has rallied more than 36% over the last 24 hours to trade above $2.75 as of 3:30 am ET.
This performance comes as investor interest shifts from meme coins to AI-themes coins. Nvidia's earnings report in February boosted cryptocurrencies in the AI sector. These coins have continued to show strength, and their latest performance is a sign of the start of s fresh leg up.
FET's price broke out of its five-day consolidation on Feb. 28, which led to a 166% upswing. Currently, Fetch.ai trades around $2.13 and could retrace into a stable support level of $2.5.
This pullback could provide a buying opportunity for late investors who could accumulate more FET tokens at a discount. A recovery from here could potentially push the AI token up by nearly 40% to the $3.0 psychological level.
TradingView chart: FET/USD
Supporting this bullish outlook is the daily Relative Strength Index (RSI), which is positioned within the overbought level and the price strength at 91 indicates that the bulls are currently driving the market. Moreover, the Awesome Oscillator is close to producing a flip of the zero level. These trend-following oscillating indicators showcase a spike in bullish momentum that supports a potential bounce after the upcoming pullback.
Things could go awry for FET bulls should Bitcoin price continue its descent and pull the entire crypto market with it. In such a case, if FET produces a daily candlestick close below $2.50, it would invalidate the bullish thesis bringing the $2.0 psychological level into the picture.
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