- Artificial Superintelligence Alliance is now among the most popular searches
- FET’s price action turned the 50-day moving average as Open Interest rose
A new memecoin, DOGS on the TON blockchain, has created many trending searches Coin gecko. However, it is not the only asset attracting the market’s attention.
AI-focused coins, including FET’s, are also seeing increased interest. Artificial Superintelligence Alliance or Fetch.AI [FET] focuses on the safe development and deployment of AI technologies.
Collect.AI [FET] recently became a prominent discussion topic on CoinGecko. The company’s position is therefore a sign of increasing market strength and underlines the potential for longer-term profits.
Source: Crypto Dep/CoinGecko
Collect.AI [FET] is showing some promising signs for the market this season. In fact, examining the Fetch.AI chart for the FET/USDT trading pair revealed strong price action.
The FET is up 80% from the recent low of $0.80 after breaking a trendline. The bullish trend for FET has also already been confirmed at the 50-day moving average (DMA).
Source: TradingView
At the time of writing, FET was testing horizontal support levels, and a strong rebound from this support could signal a significant bullish trend for both FET and the broader AI coin market.
Conversely, if this level of support fails, it is essential to assess the impact on the overall market to identify better entry points.
Metric combinations
A deeper dive into Fetch.AI’s metrics revealed encouraging trends. For example, buying volume, open interest, financing rates, and the split between whale and retail investors were all positive signals.
On August 28, purchasing volume peaked at 72%, but has since fallen to 25%. Stabilizing funding rates indicated bullish sentiment for FET, while rising Open Interest underlined growing interest from traders and investors.
Source: Hyblock Capital
How’s FET going?
With a market cap of around $2.85 billion and a press time price of $1.14, FET appears poised for a potential breakout.
Nvidia’s (NVDA) quarterly earnings beat most expectations could further boost FET’s prospects.
Currently, 48% of FET holders are making a profit and 85% of the FET is owned by large investors. In fact, 60% of holders have now held their positions for 1 to 12 months.
Source: IntoTheBlock
Transactions over $100,000 for FET also totaled $207 million, while Telegram membership rose 0.23% last week – a sign of growing social engagement.
Finally, additional signals for FET also appeared to be mostly bullish. On-chain analysis showed that net network growth was 1.29% bullish, while the in-the-money indicator was 7.57% bearish.
Source: IntoTheBlock
