Bullish momentum has returned to Fetch.ai’s FET token with the price rallying 10% over the past week.
This upside move has propelled FET above its 20-day, 50-day, and 100-day exponential moving averages, which is often viewed as a precursor to further gains.
However, after briefly hitting a multi-month high of $0.2570 earlier today, some selling pressure has since emerged.
FET currently finds itself retesting support around the $0.23 level and its 100-day EMA.
Holding above this area could give FET the necessary groundwork to make another push higher in the near term.
RSI and MACD: Indicators of Market Sentiment and Momentum
The RSI and MACD histogram are vital indicators of market sentiment and momentum, respectively.
FET’s current RSI stands at 60.12, a slight decrease from yesterday’s 63.45, suggesting a slightly less overbought situation, which could be a positive development for FET.
The MACD histogram has also increased from 0.0029 to 0.0032, indicating the potential for the current uptrend to continue.
Market Cap, Volume, and Price Analysis
FET’s market cap has seen a minor increase of 0.04% to $187.6 million, but the 24-hour trading volume has experienced a significant surge, up by 115.94% to $112.4 million, signaling increased investor interest.
FET is currently priced at $0.2288, experiencing a decrease of 2.14% so far today.
Despite reaching a multi-month high of $0.2570, FET has met with increased selling pressure, which has driven the price down to its current level.
FET is now retesting the 100-day EMA for potential support. The immediate resistance zone for FET is between $0.2453 and $0.2543.
On the other hand, the 100-day EMA of $0.2274 offers immediate support in confluence with the support zone of $0.2274 to $0.2314.
Monitoring these technical indicators and the overall market direction is a key step when signs suggest a possible bullish reversal for FET.
Potential Strategy for FET
Given the current market indicators and Fetch.ai’s (FET) potential for a bullish reversal, a possible trading strategy could be developed.
This strategy would both capitalize on potential gains and protect against unexpected downturns.
Considering the current price of FET at $0.2288 and the support levels established by the 100-day EMA at $0.2274, an ideal entry point would be around the current price or slightly below if the price dips further.
This is contingent on the price holding above the 100-day EMA and the $0.2274 to $0.2314 support zone.
A stop loss should be placed below the 100-day EMA and the support zone to protect against a larger-than-anticipated downturn.
A suggested location could be around the $0.22 mark, depending on individual risk tolerance.
The immediate resistance zone between $0.2453 and $0.2543 provides a reasonable target for making a profit. Depending on the momentum and volume, traders could aim for the upper end of this zone.
A break beyond this resistance zone could open up additional upside, but it’s advisable to secure profits partially or entirely within this zone.
While Fetch.ai’s FET token shows promise, numerous cryptocurrencies are capitalizing on artificial intelligence applications.
With AI expanding across sectors, we anticipate new crypto projects integrating machine learning and data analytics.
Given the momentum around cryptocurrencies leveraging artificial intelligence, coins like Launchpad XYZ, yPredict, and Render seem well-positioned for significant growth in September.
Launchpad xyz: AI-Driven Tools for Smarter Crypto Trading
Launchpad xyz, a new project in the cryptocurrency space, has reached its presale goal of $1.5 million.
Set to offer a suite of tools for Web3 users, the platform will leverage artificial intelligence to help traders make more informed decisions.
The project plans to release features that rank crypto assets and provide trading insights.
One of the key features of the upcoming platform is Launchpad Quotient. This tool will utilize AI to rank various cryptocurrencies based on 400 data points with the goal of helping users identify potential opportunities in the crypto market without missing out on promising assets.
Another feature to look forward to is the TradingEdge tool. This tool plans to use sentiment analysis and current news to provide traders with valuable insights.
In addition, the platform intends to share trading setups from experienced traders. As a bonus, early adopters of $LPX tokens will receive NFT-based premium access passes that will offer special perks on the platform.
After its successful presale, Launchpad XYZ announced a 19% bonus for current and future token holders. This bonus offer will end in five days, however.
To add to the fundraising efforts, the project has also given limited-time free access to its alpha calls group on Telegram, where several successful trade setups have been shared.
With its presale concluded and a set of promising features on the horizon, the project is taking steps toward its objectives.
Although the tools are not yet available, the fundraising successes indicate a strong interest in what the platform plans to offer.
Visit Launchpad xyz Here
AI-Enhanced Financial Prediction: An Introduction to yPredict
In a bid to make financial predictions more accurate and accessible, yPredict is developing a platform that blends artificial intelligence (AI) with traditional statistical models.
The project recently secured $3.66 million in funding for its native token, $YPRED, indicating investor confidence in its future role in the finance sector.
Scheduled for beta launches in Q3 2023, yPredict intends to offer a range of tools and platforms aimed at traders, developers, and financial data scientists.
yPredict is not just another forecasting tool, as it brings together the best of both old and new predictive models.
It utilizes the ARIMA model—a statistical method dating back to the 1970s—alongside modern machine learning models like Long Short-Term Memory (LSTM) and Support Vector Machine (SVM).
ARIMA focuses on analyzing past values to detect future patterns, while LSTM and SVM are AI models designed for time series data and price prediction, respectively.
By combining these diverse methods, yPredict plans to offer a more robust and nuanced approach to financial forecasting.
Beyond its predictive capabilities, yPredict is developing a subscription-based Prediction Marketplace.
This platform hopes to make predictive analytics more accessible to everyday traders, rather than being a tool just for elite hedge funds.
Financial data scientists will have the opportunity to monetize their predictive models, and traders can subscribe to the models that best align with their trading style and assets.
yPredict has laid out a clear timeline for its upcoming products. The third quarter of 2023 will see the listing of its native token $YPRED on various exchanges.
This is also when the beta versions of yPredict Repository and Prediction Marketplace are slated for release.
By the end of the year, additional beta releases for the Marketplace and Analytics products are anticipated. The platform seeks to transition from these beta versions to fully operational releases by 2024.
Visit yPredict Now
Render Network: Meeting AI’s GPU Needs Across Industries
Miles Deutsche, a well-known crypto analyst, stated that the AI technology sector could see a significant increase in investment, reaching up to $97.9 billion this year.
Render Network is being closely watched because it offers decentralized GPU power rental services.
Deutsche suggests that as AI develops, the need for GPU power will also rise, making companies like Render Network increasingly relevant.
Render Network allows users to lend their GPU power to others who require it for tasks like 3D modeling, graphic rendering, and animation.
The platform is becoming more important due to its applicability in various fields such as gaming, architecture, and metaverse development.
Render Network has entered into strategic partnerships with tech giants like Apple, Microsoft, and Google, which could improve its chances for wider adoption.
One specific example of how Render Network integrates with existing technology is its compatibility with Octane X, a popular rendering product.
This integration allows for smooth rendering operations on devices like iPhones and iPads.
Within the Render Network system, the RNDR token serves as the utility token used for paying for rendering services.
It also offers access to special features, such as priority rendering and high-powered nodes.
The total supply of RNDR tokens is 531 million, with a circulating supply of 389 million.
As of now, the RNDR token is one of the top 100 cryptocurrencies in terms of market capitalization, with a valuation of $508 million.
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.
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