Fetch.ai (FET) has experienced a robust rally over the last 24 hours after finding support at $2.19, showcasing a significant rebound and an uptick in market activity. Priced currently at $2.44, the token recorded a remarkable 10.22% increase in a single day, indicating growing investor confidence in the asset.
FET/USD 24-hour price chart (source: CoinMarketCap)
The price action began at the $2.19 level, where FET consolidated before embarking on a steady upward trajectory. The rally was accompanied by a notable 55.86% increase in trading volume to $295,991,479, suggesting strong buying pressure and heightened interest. Market capitalization also rose significantly to approximately $2.068 billion, marking a 10.26% increase that elevated FET to the 52nd position in terms of market dominance.
Technical Patterns and Indicators
On the daily chart, a bullish rising wedge emerged, indicating that the previous uptrend could continue. The formation included a brief period of consolidation before the rally resumed, marked by a steady increase in trading volume. The Average Directional Index (ADX), which measures trend strength, remains above 25, reinforcing a strong bullish trend.
FET/USD 24-hour price chart (source: TradingView)
A series of minor pullbacks provided consolidation points that reinforced upward momentum as renewed buying interest propelled the price upward. FET reached a peak of $2.50 before retracting slightly to the current level of $2.44. The significant volume-to-market cap ratio of 14.09% reflects active trading, suggesting the asset is under accumulation.
Concurrently, analysts believe that a bullish pennant pattern is emerging and signals the potential for further growth. The upward trajectory may lead to a possible doubling of FET’s current value, with technical targets around the $5.00 mark. The ADX remains above 25, indicating that the strong trend will continue despite recent slight declines.
The rising trading volume supports the bullish sentiment, while consistent higher closing candles signal that traders remain confident. If FET can sustain support above the $2.40 mark, it could rally further.
Integration with Meta’s Llama 3-8B
In addition to the market dynamics, Fetch.ai has announced a development in its infrastructure with the integration of Meta’s LLama 3-8B model into its ecosystem. This integration aims to enhance Fetch.ai’s capabilities in complex reasoning and interaction within its artificial intelligence applications. The LLama 3-8B model is renowned for its high performance on various AI benchmarks, particularly in tasks that involve sophisticated language understanding and reasoning, critical for Fetch.ai’s agentic AI solutions.
We’ve integrated Meta’s Llama 3-8B 🚀
LLama 3’s latest advancements in language understanding and reasoning align perfectly with the needs of agentic #AI applications on https://t.co/kJ9URVpOul
Read more about our integration here: https://t.co/2Ua6EdhKfy #LLaMA3 pic.twitter.com/oIRognq51f
— Fetch.ai (@Fetch_ai) May 3, 2024
The inclusion of the LLama 3-8B model is expected to improve the efficiency and responsiveness of Fetch.ai’s AI agents, leading to better user experiences and expanded application possibilities. This move is part of Fetch.ai’s ongoing efforts to redefine the boundaries of what AI can achieve within its ecosystem, combining cutting-edge technology with practical, user-focused applications.
Moving forward, investors and traders will be closely monitoring the sustainability of this rally. If Fetch.ai can maintain its support level above $2.40, it might set the stage for further gains. Meanwhile, the integration of advanced AI technology like LLama 3-8B signals Fetch.ai’s commitment to maintaining a competitive edge in the rapidly evolving field of artificial intelligence, potentially bolstering investor confidence even further.
