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Fetch.ai Price Analysis: Will FET Crypto Reach $1 Soon?

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Fetch.ai Price Analysis: Will FET Crypto Reach $1 Soon?
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Since ChatGPT’s debut in November 2022, AI-related endeavors have surged in the tech, finance, and crypto industries. As a result, The A.I stocks and Cryptos are growing rapidly.

While Fetch.ai was established before this new wave of excitement surrounding AI, it still benefited from a technology-focused crypto community. Its native token FET (FET/USDT) is growing the wealth of investors rapidly. Since the end of October, this cryptocurrency has given a return of more than 232% return to its investors.

What is Fetch.ai and How it Works

Fetch.ai creates AI agents that can perform specific tasks like scheduling appointments and interacting with smart home devices. These agents can represent an entity and operate independently, while also communicating and learning from each other to strengthen their AI and machine learning models.

The FET token serves as a medium of exchange behind each blockchain transaction and operation on Fetch.ai’s network. It enables users to pay for AI-based services and fees.

Fetch.ai’s primary services revolve around uAgents (micro-Agents), which are relatively simple computer programs that can represent an individual or an entity and act autonomously to accomplish tasks. 

uAgents look out for their owners’ interests, choose different ways of achieving their goals based on what would be most effective, and dynamically respond to their environment and other agents.

Fetch.ai’s agents can be built without extensive coding knowledge and are registered on a smart contract on Fetch.ai’s blockchain. Once registered, agents can be queried, kept up-to-date, and verified through the Agentverse Explorer. The AI engine powering Fetch.ai employs large language models to accomplish objectives through natural conversation. In 2023, Fetch.ai launched DeltaV, a search-based chat interface that simplifies tasks such as booking travel. DeltaV interfaces with chat and calendar apps to act as an AI travel agent or scheduler.

Technical Analysis and FET Coin Price Prediction

Fetch.ai Price Analysis: Will FET Crypto Reach $1 Soon?
FET/USDT chart by TradingView (Daily time frame)

The FET token is currently trading along with the uptrend that started in October. At press time, the FET price was trading at the level of 0.6821 the token is taking support from the level of $0.616 which is its 50-day EMA. 

The 150-day EMA is at $0.453 which solidifies the current trend. The support level is at $0.488 while the immediate resistance level is at $0.7704. The prediction suggests that the bulls will be in the driver’s seat.

Conclusion

FET (FET/USDT) has given over 232% returns since October. It serves as a medium of exchange for blockchain transactions and AI-based services. Bulls are predicted to be in control for the short-term future.

Technical Levels

  • Support Levels: $0.488 and $0.339
  • Resistance Levels: $0.77 and $1.032
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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