Fetch.ai, a pioneering Cosmos-based cryptocurrency project focused on artificial intelligence development, has witnessed an unprecedented surge in the value of its native token, FET. The coin’s price has soared by an astounding 645%, climbing from a low of $0.4681 on December 11, 2023, to a remarkable high of $3.4850 on March 24, 2024. This remarkable rally can be attributed to a confluence of factors, including the v0.17 update released in early February and a substantial $100 million investment in the project’s infrastructure initiative, Fetch Compute.

As of May 7, 2024, FET is trading at $2.41, a 14.14% gain in the last 7 days despite the  1.20% drop in the last 24 hours. With a circulating supply of 848,193,896 FET and a total supply of 1,152,997,575 FET, FET has a market cap of over $2 billion, securing the 51st position among all cryptos. Notably, FET has exhibited a strong 24-hour trading volume of $302 million, a 10% gain over the last 24 hours.

Fetch.ai Price Chart: CoinMarketCap

There have been recent developments behind the 645% rally from December. The v0.17 update laid the groundwork for FET’s meteoric rise, setting the stage for further developments and enhancements within the Fetch.ai ecosystem. However,  the announcement of the $100 million infrastructure investment in Fetch Compute also plays a part, and the true catalyst for the recent rally was LLama 3-8B integration.

Fetch Compute is an ambitious initiative aimed at bolstering the resources, computational capacity, and training opportunities available to developers within the Fetch.ai ecosystem. Through this investment, Fetch.ai has secured advanced Nvidia GPUs, including the powerful H200, H100, and A100 models, to establish a decentralized computing platform tailored for AI-focused applications.

One of the most significant milestones in Fetch Compute’s development is the integration of Meta’s LLama 3-8B model. This strategic collaboration leverages the latest advancements in language understanding and reasoning, aligning perfectly with Fetch.ai’s focus on developing sophisticated agentic AI applications.

LLama 3-8B, developed by Meta, has been engineered to deliver exceptional performance across a wide array of AI benchmarks, particularly in reasoning tasks, which are critical for agentic interactions that require anticipation and understanding of user needs. The model has demonstrated superior abilities in comprehending complex queries and generating coherent, contextually relevant responses.

FET Technical Analysis: Bullish Pennant Indicates Continuation of Uptrend

FET’s price action has been trapped in a bullish pennant pattern since hitting a high of $3.4850 on March 28th. After a 53% correction, dropping to a low of $1.6005 on April 13th, the price found support at this level. On May 5th, FET broke out of the bullish pennant, signaling a continuation of the uptrend. Before the upward momentum continues, a retest of the broken resistance-turned-support level is more likely.

FETUSD Daily Chart: TradingView

Immediate targets for FET’s price are set at $2.6 high, $2.8 high, and the all-time high of $3.4 reached on March 28th, which remains in focus for the near future.