Artificial Superintelligence Alliance

Ocean Protocol

Rekt (rektarb.xyz)

Rekt

Artificial intelligence-themed tokens have surged over the past 24 hours, posting double-digit gains as the market digests the US Federal Reserve’s 50 basis-point rate cut.&nbsp;Artificial Superintelligence Alliance (<a href="https://cointelegraph.com/fetch-ai-price-index" rel="noopener noreferrer nofollow">FET</a>)—a consortium of Fetch.ai, Ocean Protocol and SingularityNET—is a star performer today, with its FET token surging approximately 15% in the last 24 hours to reach $1.54 on Sept. 19.&nbsp;<figure><img alt="Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-09/01920b81-9ab4-7b97-839e-c1e1de843fd4"><figcaption>FET/USD daily chart. Source: <a href="https://www.tradingview.com/x/VHHLGJsK/" rel="noopener noreferrer nofollow">TradingView</a></figcaption></figure>Let’s take a quick look at some of the factors driving FET performance.&nbsp;<h2 id="strong-ai-narratives-drive-fet-price-higher-strong">AI narratives drive FET price higher</h2>AI-focused tokens have <a href="https://cointelegraph.com/news/ai-big-data-crypto-market-recovery-aug" rel="noopener noreferrer nofollow">posted significant gains</a> in 2024 fueled by the emergence of various AI projects and the unprecedented performance of Nvidia’s stock.&nbsp;<figure><img alt="Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-09/01920bd9-44d5-737a-8c14-0d5a78c7e10b"><figcaption>AI token performance. Source: CoinMarketCap&nbsp;</figcaption></figure>FET’s rally on Sept. 19, mirrors a rally in Nvidia stock price, which is up 5.25% over the last 24 hours to $119, according to data from Yahoo Finance.The token also rallied ahead of an important vote on a governance proposal in which alliance members will decide whether <a href="https://cointelegraph.com/press-releases/cudo-to-power-the-latest-ai-infrastructure-worldwide" rel="noopener noreferrer nofollow">Cudos</a>, an AI computing platform, will become part of the Artificial Superintelligence Alliance (ASI alliance).&nbsp;<figure><img alt="Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-09/01920bdf-26ab-7bf7-90f8-ad3110e7b01a"><figcaption>Source: <a href="https://x.com/ASI_Alliance/status/1836737285192130932" rel="noopener noreferrer nofollow">Artificial Superintelligence Alliance</a></figcaption></figure>According to the ASI alliance, the merger is subject to approval by the communities of both projects, with a governance vote scheduled to take place between Sept. 19 and Sept. 24.Against this background, FET has outperformed the broader crypto market, rising more than 108% year-to-date and 558% over the past 12 months.&nbsp;<figure><img alt="Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-09/01920be0-6f14-7d27-abaa-b15d99ba0956"><figcaption>FET one-year performance vs. Bitcoin vs. ETH. Source: CoinGecko</figcaption></figure>In comparison, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) has risen 49% year-to-date and 140% over the last year, while Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) has rallied just 6.7% year-to-date and 48% in the past 12 months.Related: <a href="https://cointelegraph.com/news/fantom-ftm-price-surges-40-in-a-month-what-s-behind-the-momentum" rel="noopener noreferrer nofollow">Fantom (FTM) price surges 40% in a month — What’s behind the momentum?</a> <h2 id="strong-traders-bullish-about-fet-s-shifting-market-structure-strong">Traders “bullish” about FET’s shifting market structure</h2>Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow">TradingView</a> reveals that FET price declined alongside the wider altcoin market, finding what appears to be a bottom at $0.70 on Aug. 5. The price has since recovered to the current levels, rising more than 120% since Aug. 5, breaking a “multi-month” downtrend, according to popular crypto analyst Rekt Capital.&nbsp;<blockquote> “FET has broken its multi-month downtrend, performed a decent retest attempt and looks poised to revisit the red Range High resistance over time.”FET/USD weekly chart. Source: Rekt Capital
</blockquote>Fellow analyst Nebraskangooner <a href="https://x.com/Nebraskangooner/status/1836599487373992188" rel="noopener noreferrer nofollow">explained</a> that FET price had broken out of an inverse head-and-shoulders (IH&amp;S) pattern, suggesting a massive move upward if key resistances are broken.The IHS pattern is a reversal technical setup that forms after an extended downtrend. It comprises a head, a left shoulder and a right shoulder that are upside down and placed below a neckline.A breakout and close above the neckline completes the setup, indicating that the downtrend has reversed.“I think this one can push to the $1.90-2.15 resistance area as long as the neckline holds as support,” Nebraskangooner added.That will increase the odds of a break toward the pattern’s technical target at $2.30, which represents a 50% uptick from the current price. <figure><img alt="Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-09/01920be1-ec2a-7ac8-b1da-a0ccf0714af5"><figcaption>FET/USD daily chart. Source: <a href="https://www.tradingview.com/x/2tq3NoK6/" rel="noopener noreferrer nofollow">TradingView</a></figcaption></figure>“The market structure is shifting,” <a href="https://x.com/SatsDoji/status/1836697324111732799" rel="noopener noreferrer nofollow">said</a> Doji, adding that they were “very bullish” on higher time frames.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why

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