Today, the market has turned green again with Bitcoin’s rise of more than 5%. Altcoins, which have been crushed by Bitcoin’s dominance and declines for a long time, have finally been able to make some investors happy. One of the altcoins that reacted the fastest to the rise of Bitcoin was FET. What is Fetch.ai, what are the possible price targets of FET, in the rest of the article…
Fetch.ai is a project and platform with a mission to create a set of distributed applications such as smart contracts, prediction markets, using blockchain technology and artificial intelligence. Fetch.ai aims to ensure the realization of smart contracts by using artificial intelligence systems called autonomous agents that can be used in different areas such as IoT (Internet of Things) and can collect data from many devices and data sources. The Fetch.ai platform is designed as an open platform that can integrate with other blockchain projects and aims to provide data sharing, machine learning and other services to its users.
Fetch.ai aims to be effective in sectors with big data and complex systems, especially in finance, logistics, transportation and energy sectors. The main purpose of its platform is to provide a more fair, efficient and secure ecosystem by replacing existing centralized systems. Fetch.ai also enables users to securely manage and sell their data using Data Unions, a special data provider feature. This keeps data subjects under control, ensuring that the profits from the use of their data are shared fairly.
Using an advanced artificial intelligence technology, Fetch.ai makes it possible to execute smart contracts and interact with autonomous agents. This can be effective in many different usage scenarios, such as automatic routing of vehicles and loads in a transport network, automatic management of smart devices.
Fetch.ai’s cryptocurrency, FET, is the token used on the platform. FET tokens support Fetch.ai’s “Proof-of-Stake” (PoS) consensus mechanism, an economic model designed specifically for data and services. This model allows users to provide different services such as staking FET tokens, providing data using autonomous agents on the Fetch.ai platform, trading on prediction markets.
Rising over 6% during the day, FET is around $0.38, which is the full support point at the time of writing. The altcoin, which went up to the level of $ 0.39 during the day, could not hold here and continued to stay in the resistance zone. As FET price moves higher, the resistance levels near $0.44 and $0.59 could be challenging. After these levels, the closest resistance level is the $0.84 level. If FET price breaks down, this time $0.33 and $0.26 levels will appear as support zones.
Current Developments About FET
Fetch.ai has raised $40 million from market maker and investment firm DWF Labs. As Fetch prepares to launch commercial services later this year, the investment it announced today will go towards that business, he said. The said investmentThis came after the recent rise in popularity of AI-driven robots like ChatGPT and DALL-E. It seems that traders He started betting on the potential of artificial intelligence and crypto.
It can be said that this investment announcement also mobilized the price. fetch.ai, An artificial intelligence-oriented project. As we mentioned above, artificial intelligence has also gained popularity in the crypto industry in recent days. It is not surprising that traders are investing in altcoins based on this narrative.
After the altcoin price experienced a notable rise, the trading volume also skyrocketed.
You can follow the current price action here.