• Fetch.ai price was down 3% on Thursday morning after a double digit move the previous day.
• AI related tokens have in recent weeks outperformed in the market, particularly after global tech giants Microsoft and Google poured resources into the sector on the back of massive hype around OpenAI’s Chat GPT.
• Analysts say FET could yet see a fresh leg up as AI remains one of the hottest trends in the market.
Fetch.ai Price Drops Despite AI Narrative
Fetch.ai price was down 3% on Thursday morning following a double digit increase in value on Monday. Despite this drop, analysts believe that Artificial Intelligence (AI) remains a strong narrative and could help FET prices recover and reach new highs as seen over the past few weeks, with 96% of FET holders currently showing profits from their trades.
OpenAI & Microsoft Investment
AI related tokens have been performing well recently due to investments from global tech giants Microsoft and Google into sectors such as OpenAI’s Chat GPT – an AI-driven chatbot platform that has seen massive growth over the past few months. This investment has increased investor interest in AI related cryptocurrency projects such as Fetchai, helping to drive up its price by more than 70%.
Analysts View On FET Price
Crypto traders and analysts are mostly optimistic about Fetchai’s future prospects due to its strong connection to the rapidly advancing AI sector. Analyst Cantering Clark believes that another leg up is likely for FET towards higher levels, claiming that “of all narratives, A.I is the sexiest” while Altcoin Sherpa believes there is unlikely any distribution occurring for FET anytime soon and that an uptrend is more likely moving forward.
The current support level for Fetchai is near $0.45 with 5% losses on Thursday morning, although it had previously broken out of a triangle pattern on its daily chart which saw it reach highs just above $0.48 before running into resistance at this level..
Overall, Artificial Intelligence (AI) remains one of the hottest topics right now within both traditional finance and cryptocurrency markets alike – offering huge potential gains for investors who can capitalize upon these opportunities quickly enough before they disappear again just as quickly as they appeared!