Artificial intelligence crypto FET has been growing in popularity lately. According to Coingecko, the governance token of Fetch.ai is up almost 53% in the monthly time frame. This can be attributed to the fast growth of artificial intelligence technology today.
According to recent research, the AI industry is expected to grow by 22% from this year to 2027 as a result of increasing popularity of artificial intelligence applications.
Big tech companies have also invested heavily in AI, with Microsoft shelling out billions to OpenAI’s ChatGPT.
AI-related tokens have seen massive growth as seen on FET’s impressive price movements.
Whales Dive Into The Scene
Much like tech companies, cryptocurrency whales have entered the AI space through the emergence of AI tokens. Some $61.2 million, or equivalent to 135 million FET, was transferred to an existing whale address on Valentine’s Day.
According to Santiment’s recent tweet, the whale address that accumulated so much of FET is also known to hold more than $224 million worth of Ethereum. These large whale transactions are an example that investors in crypto are highly interested in AI tech and blockchain.
🦴 #FetchAi now the #102 asset by market cap in #crypto after skyrocketing +395% in 2023, has seen its largest transaction in 567 days. $61.2M worth of $FET has been transferred to an existing whale address, which also holds 224.46M in $ETH. 👀 https://t.co/TYjwlxJpYf pic.twitter.com/JNsYSgo3PO
— Santiment (@santimentfeed) February 15, 2023
With big companies investing in AI companies, investor interest in AI tokens is expected to increase in the coming years.
FET @ $0.4304 – Would The Crypto Continue Its Climb?
The current upwards movement of the token is currently being stopped by FET’s $0.6007 resistance. For the token to resume its bullish price movement, prioritizing the breakthrough on this resistance is a must. However, the recent whale transaction didn’t trigger a strong upwards movement.
Today, February 17th, the token is trading at a red candle. If the bearish momentum continues, a retest of the $0.3864 support is inevitable.
But with AI-related tokens being so popular lately, we might see a continuation of FET’s bullishness in the medium to long term.
Not to mention the increasing use cases of AI, investor interest will increase alongside it further boosting the momentum of the bulls.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
For now, investors and traders should focus on defending the $0.3864 support in the short to medium term. Watching the movement of major cryptocurrencies like Bitcoin and Ethereum will also benefit them as FET is somewhat correlated with them.
If the bulls are successful in defending the token’s current support, targeting $0.6007 will be a breeze. A breakthrough on this level could open the $0.7334 resistance for the bulls.
-Image by Jeff J Mitchell/Getty Images