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.
Next up, the trader predicts that Bitcoin (BTC) will not rally beyond $46,000 until 2024, based on historical price patterns
“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.”
Generated Image: Midjourney