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.
Artificial Superintelligence Alliance (
FET
)—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.
FET/USD daily chart. Source:
TradingView
Let’s take a quick look at some of the factors driving FET performance.
AI narratives drive FET price higher
AI-focused tokens have
posted significant gains
in 2024 fueled by the emergence of various AI projects and the unprecedented performance of Nvidia’s stock.
AI token performance. Source: CoinMarketCap
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
Cudos
, an AI computing platform, will become part of the Artificial Superintelligence Alliance (ASI alliance).
Source:
Artificial Superintelligence Alliance
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.
FET one-year performance vs. Bitcoin vs. ETH. Source: CoinGecko
In comparison, Bitcoin (
BTC
) has risen 49% year-to-date and 140% over the last year, while Ether (
ETH
) has rallied just 6.7% year-to-date and 48% in the past 12 months.
Related:
Fantom (FTM) price surges 40% in a month — What’s behind the momentum?
Traders “bullish” about FET’s shifting market structure
Data from
Cointelegraph Markets Pro
and
TradingView
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.
Fellow analyst Nebraskangooner
explained
that FET price had broken out of an inverse head-and-shoulders (IH&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.
FET/USD daily chart. Source:
TradingView
“The market structure is shifting,”
said
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 Sees 75 Surge in Just One Month Heres the Reason Behind It