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Artificial intelligence crypto fet has been becoming more and more popular in recent times. According to Coingecko, the governance token of Fetch.Ai rose by nearly 53% over the month. We can attribute that to the rapid growth of AI 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.
Large technology companies have also made massive investments in artificial intelligence, with Microsoft paying billions for openai chatgpt.
Tokens linked to artificial intelligence have grown massively, as witnessed by the impressive fluctuations in prices.
Whales Dive Into The Scene
Much like tech companies, cryptocurrency whales have entered the AI space through the emergence of AI tokens. $61.2 million, the equivalent of 135 million beans, was moved to a 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 big whale deals are an example of how crypto investors are very interested in artificial intelligence 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
Given that large companies invest in AI companies, investor interest in AI chips is expected to grow over the next few years.
Fet @ $0.4304 – is cryptography still rising?
The current upswing of the token is currently stopped by the resistance of FET to $0.6007. In order for the token to resume its upward movement of prices, it is necessary to give priority to the breakthrough on this resistance. However, the recent transaction with the whales has not triggered a strong upward trend.
Today, February 17, the token sells to a red light. Should the downtrend continue, a further test of support of $0.3864 is unavoidable.
But with artificial intelligence chips that are so popular these days, we could see a continuation of holiday optimism in the medium and long term.
Without talking about the increase in cases of use of ai, the interest of investors will increase at the same time, which will further stimulate the dynamics of bulls.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.comFor the time being, investors and traders should focus on defending the support of $0.3864 in the short and 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 manage to defend the current support of the chip, targeting $0.6007 will be child's play. A breakthrough at this level might open the resistance of $0.7334 for bulls.
-Cut to Jeff J Mitchell/Getty Images.
