- Fetch.ai price has been in a strong bullish trend in the past few weeks.
- FET is about to form a golden cross pattern on the daily chart.
Fetch.ai price has been one of the best-performing cryptocurrencies recently. FET, its native token, rose to a high of $0.21, the highest point since May 2022. It has surged by more than 262% from the lowest point in 2022. This increase has brought its total market cap to more than $152 million, making it one of the biggest tokens in the world.
What is Fetch.ai and FET?
Fetch.ai is a blockchain project that is building a service known as an autonomous agent. The product was not built for consumers. Instead, Fetch.ai’s product targets developers and companies. An autonomous agent is a piece of software that automates most of the manual and repetitive tasks that people do.
While many centralized autonomous agents exist, Fetch.ai solves the challenges it has by using decentralized ledger technology (DLT). It has a ledger network, which forms the core of the network. The other part is the tech stack, which is a method to granulate data collection, decision-making, and execution.
Fetch.ai has a small but fast-growing ecosystem. For example, CoLearn is a blockchain-mediated collective learning platform that makes it possible for multiple stakeholders to build a shared machine-learning model. Other parts of its ecosystem are AXIM, Atomix, and Mobix, and CatenaX.
Find out how to buy Fetch.ai and other cryptocurrencies.
Fetch.ai uses the FET token as the native token for the ecosystem. It is a digital token that is used as the medium of exchange within the ecosystem. Most recently, Fetch.ai introduced staking, which makes it possible for people to make passive income.
It is still unclear why the FET price has soared since most people don’t have a good understanding of what Fetch.ai does. A likely reason is that demand for its staking features has increased in the past few months.
Fetch.ai price prediction
The daily chart shows that the FET price has been in a strong bullish trend in the past few months. As it rose, the Fetch.ai price moved above the important resistance level at $0.132, the highest point on December 9. Notably, a golden cross is about to happen. A golden cross happens when the 200-day and 50-day moving averages make a bullish crossover.
Fetch has also seen its Relative Strength Index (RSI) move to the overbought level of 76. Therefore, there is a likelihood that FET will retest the support at $0.13 and then resume the bullish trend.
