As the AI narrative fuels major accumulation, leading AI cryptocurrency Fetch.ai has seen its FET price hammer up to a new all-time high after announcing a new GPU rewards platform.
This article will provide an analysis of FET’s current price trends and look to see whether a newer AI token, SCOTTY, represents a more promising investment opportunity at this time.
The king of AI coins $FET continues the ride above ATH after breakout of 5 days price range
On #FET/#BTC chart we confirmed this kinda ascending triangle with weekly close and continued to outperform
Will definitely look for new longs on dips here and still didn’t sold anything… pic.twitter.com/eJoX47SLxV
— Trade4ddict (@Trade4ddict) March 8, 2024
Fetch.ai’s new all-time high comes after a series of big wins for FET amid the hysteria of the AI narrative, including Fetch Compute GPU rewards, and a Deutsch Telekom partnership.
FET Price Analysis: As Fetch.ai Hammers New All Time High – Could FET Undertake Price Correction?
With price action in a localized consolidation move, FET is currently trading at a market price of $2.55 (representing a 24-hour change of -0.97%).
This comes after a major +70% pump over the past 48-hours, following the Fetch Computer GPU announcement, saw FET price fire-up from lower support at $1.68.
The new all-time high was posted at $2.85, and in the hours since price has ebbed away from resistance in a -10% recoil as crypto markets take stock.
Despite the strong fundamentals stemming from the AI narrative, and the shift into price exploration, there are some causes for concern in FET’s long-time frame structure here.
The 20 DMA is currently sat at $1.48, with the FET price now stood at a significant +72% divergence above moving average support.
Key indicators such as the RSI are severely overheated, reading at 90.38 (and now over-bought for 19 days).
However, this view conflicts with the bullish momentum fuelled by AI excitement, which is measured on the MACD at minor bullish divergence (0.1199).
Overall, FET price analysis reveals a major breakout move – that continues to defy technical analysis due to extreme market excitement around AI cryptocurrencies.
This leaves FET with an upside target at the psychological price level $3 (a possible +18).
While downside risk could see FET tumble down to lower support at $1.69 (a potential -33.5%).
Consequently, FET price analysis suggests a short-time frame risk: reward of 0.54 – a bad entry characterized by downside risk of retracement – suggesting it is too late to buy.
But while Fetch.ai’s high price point turns some investors away, another AI narrative winner, Scotty the AI, could offer a more desirable entry point due to low market cap advantage.
Could There Be A Better Alternative To Fetch.ai?
But while Fetch.ai price analysis reveals that there could be further gains on the horizon, FOMO traders are concerned that it could be too late to get a good entry in Fetch.ai.
The driving factor behind that is Fetch.ai’s extremely high market cap, which presently sits at $2.6Bn, meaning future growth will be dependent on large-scale influxes of capital.
To explain how this works, for Fetch.ai to see 2x growth from here, it would need its market cap to grow to $5.2Bn – a massive multi-billion dollar move.
This is where the micro cap advantage can supercharge tokens such as Scotty the AI, which has a miniscule market cap at presale of just $3.9m –even though the project is positioned excellently at the cross-roads of both the AI narrative and meme coins.
To see this advantage in action, if just 1% of Fetch.Ai’s market cap shifted to Scotty the AI, it would trigger a jaw-dropping 6.6x return for SCOTTY.
So for example, a simple 2x return, which would require an influx of billions for Fetch.Ai at this stage, could be unlocked with as little as $3.9m for SCOTTY – highlighting the amazing investment opportunity amid AI narrative hysteria.
Scotty the AI Explained: Why Will It Outperform Fetch.Ai Price Analysis?
The aim of Scotty the AI is inventing and sparking to life a supercharged and futuristic ecosystem of AI-enabled tools with the goal of empowering crypto traders and investors to supersize their gains.
The core of this offering is two flagship products: Scotty Swap and ScottyChat which provide SCOTTY it’s first tangible utility.
Scotty Swap is a highly anticipated AI-powered DEX, that optimizes traders ability to leverage the benefits of artificial intelligence for more efficient token exchanges – with AI agents rapidly cross-comparing transactions for max gains.
While ScottyChat provides traders a unique lense from which they analyse the crypto market, with AI-powered research tools working day and night to squeeze the latest alpha and market insights.
Turning to the future, Scotty the AI has published an exciting project roadmap which spotlights a series of developments expected to catalyze substantial ecosystem growth, including viral marketing campaigns planned for upcoming community launches and token generation events.
That’s without considering plans that have potential knock-on boosts for SCOTTY price, such as CEX listings and soon-to-be-revealed strategic project partnerships.
With so much on offer, don’t miss your chance to diversify your crypto portfolio into a high-performing low cap AI cryptocurrency to unlock the biggest gains in the 2024 AI narrative.
Follow Scotty the AI on Telegram and X (Formerly Twitter) to tune in with the latest project developments, news and coverage.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
