Crypto Updates

AI Crypto (FET) Makes ‘Big Bounce’

AI Crypto (FET) Makes 'Big Bounce' (FET), a leading artificial intelligence (AI) crypto, rocketed to the top of the gainers chart on Thursday. The 28% surge comes just days before FET’s scheduled merger with other AI tokens into the much-anticipated Artificial Superintelligence Alliance (ASI).

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Bullish Brew: AI Market Momentum And Upcoming Alliance Fuel FET’s Rise

The recent surge in FET’s price appears to be a confluence of positive factors. The general AI market is experiencing a boom, fueled by the success stories of Elon Musk’s xAI advancements and Nvidia’s recent claim to the title of the world’s most valuable company. This positive sentiment seems to be spilling over to AI-focused cryptocurrencies, with FET being a prime beneficiary.

Adding fuel to the fire is the impending launch of the Artificial Superintelligence Alliance on July 15th. This merger, which will see FET join forces with Ocean Protocol (OCEAN) and SingularityNET (AGIX), has been generating significant buzz within the crypto community. The promise of a unified force in the AI crypto space is likely contributing to the current bullishness surrounding FET.

Further bolstering the positive outlook is a surge in trading activity. Derivatives markets witnessed a massive 210% increase in FET’s trading volume, indicating renewed interest from traders. Additionally, short-sellers are facing significant liquidations, suggesting a short-term squeeze and a potential trend reversal in FET’s favor.

Overbought Territory And User Apprehension

However, not everyone is convinced of FET’s long-term prospects. The token’s meteoric rise has pushed its Relative Strength Index (RSI) to 75 on the 4-hour charts, which signifies that it might be entering overbought territory. This suggests a potential correction could be on the horizon, as investors who bought in early might be tempted to take profits.

FETUSD trading at $1.56 on the daily chart:

Moreover, user sentiment appears to be mixed. While social…

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