A widely followed crypto analyst says that one artificial intelligence (AI) altcoin project could soon reach a new all-time high (ATH).
Pseudonymous crypto trader Rekt Capital tells his 377,500 followers on the social media platform X that machine learning platform Fetch.ai (FET) is making a run for new ATHs after retesting a key price level.
“FET performed a picture-perfect retest of the purple level as support this week.
Trying again to break beyond the red resistance.
Very close to challenging for new all-time highs.
Just needs to break this red resistance and flip it to support.”
Looking at the strategist’s chart, Rekt Capital shows that FET successfully retested the key level of $0.59 and would need to flip the price level around $0.73 into support to reach a new ATH.
In September 2021, FET reached its all-time high of $1.17. FET is trading for $0.77 at time of writing, up 10.6% in the last 24 hours.
“Bitcoin has never broken its four-year cycle resistance (black) in a pre-halving year (candle three) But in the new candle four (2024) Bitcoin will comfortably break beyond $46,000.”
Bitcoin is trading for $43,939 at time of writing, up 3.5% in the last 24 hours.
Lastly, the trader notes that the total crypto market capitalization, excluding the top 10 digital assets by market cap, remains retesting a key level to the downside.
“Altcoin market cap retest is still in progress.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney