Is FET worth buying in 2024?

The FET token has been pumping hard for the last week. It’s one of the top performers with 84% price appreciation over the past week and a whopping 337% gains in the last month. 

But why? And what is this token about, that makes it such a hot property right now and is it too late to be buying FET after it’s pumped so hard already?

Let’s dive in.

First, let me start with the niche: Artificial Intelligence.
Yes, one of the strongest narratives in Crypto since last year is AI and this is one of the biggest AI tokens out there, so it’s no surprise that it has such a tremendous performance, In fact, if it didn’t it would be strange.

FET is the native token of the Fetch.ai platform, serving as the primary medium of exchange within its ecosystem. It is used to access services, deploy AI, and pay for transactions on the network.
FET is a scarce asset with a limited supply to prevent devaluation by inflation, and it plays a crucial role in registering on the network, making payments, incentivizing node operators, and securing the network through staking. It was originally an ERC-20 token, meaning, it was built on the Ethereum network, but later transitioned into a native blockchain. 

In short, Fetch.ai operates as an AI-backed blockchain environment that enables the creation of a decentralized digital economy where users can interact with various entities like organizations, devices, and services through autonomous agents. The platform is designed to revolutionize industries such as decentralized finance, supply chain, transport, mobility, electric vehicle infrastructure, and more by leveraging AI technology.

Fetch.ai’s ecosystem includes projects like Mettalex for derivatives trading, Mobix for micro-mobility marketplace, and Catena-X for automotive network integration.

The Fetch.ai blockchain utilizes a modified version of Cosmos’ Tendermint Proof-of-Stake consensus mechanism for security and interoperability with other blockchains in the Cosmos ecosystem via the inter-blockchain communication protocol. In fact, the whole Cosmos ecosystem is seeing a lot of activity and interest from investors this year, so no surprise there. 

I first talked about FET back in February last year when the price of this token was around 10 cents (US), which is when I started trading it and I did mention it again and again throughout last year, and also in my previous video here, when I shared with you my 2024 watchlist, so if you’re a follower of this blog and my Youtube Channel, you know about FET and you have no excuse to be missing out on these massive gains, I hope you were paying attention. For those who are new to my channel, the question is: is it too late to jump into FET now? After it’s pumped more than 400% in the past year?

Short answer: no, not too late. 

There’s a lot more that we can expect from this project and here’s what I can quickly point out:

Co-founded by individuals with expertise in AI and machine learning, Fetch.ai aims to democratize access to AI technology through its permissionless network. It has a unique approach to integrating blockchain and AI technologies which has attracted a lot of attention in the crypto space, especially with its autonomous agents designed to automate tasks across sectors like transportation, supply chain, healthcare, and more, all powered by the FET token. So, this innovative use case for AI within a blockchain ecosystem attracts investors seeking exposure to projects at the forefront of technology and automation.

Also, the limited supply of FET, which is capped at approximately 1.15 billion tokens in total, plays a role in maintaining scarcity and value. 

The utility of FET as the primary medium of exchange on the platform for transactions and computational purposes further solidifies its importance within the network, so this is a good enough reason not to feel like you’ve missed out on FET just yet.

In fact, FET had a long period of consolidation, meaning it wasn’t doing much for a while, but its recent performance within the Cosmos network and growing awareness of its functionalities as an interchain bridge and its involvement in the “Autonomy of Things” (AoT) space, revived its appeal among prominent AI developers and with that, it’s once again a much talked about project, which contributes to its recent performance.

More importantly, recent news and events that have influenced the price of Fetch.AI (FET) token include:

1. Partnership with telecommunications giant Deutsche Telekom, to support the advancement of its blockchain. Deutsche Telekom will run a validator to help secure FET’s blockchain, which contributed to this positive price movement of FET.
2. OpenAI – the company behind Chat GPT released a text-to-video generation tool called Sora, which sparked a rally in Artificial Intelligence tokens, including FET. Videos generated by Sora flooded social media platforms, fueling anticipation among market participants regarding AI tokens in the crypto space and pushing FET’s price higher.
3. And lastly, FET experienced a significant rally to $0.97, hitting a two-year high on February 18. This rally was part of a broader surge in AI tokens, with FET yielding nearly 30% gains for holders that week, making it a top gainer at the time.

Of course, the sudden growth over the past few weeks has also attracted short-term traders looking to capitalize on the price momentum. This kind of activity leads to rapid price swings, so don’t be surprised if you see a significant correction in the price in the coming weeks, but this will only give you a chance for accumulating, if you’re willing to add FET to your portfolio. 

Looking at the chart of FET, it is clear that it is currently in price discovery. It just hit a new ATH of $3 – this was just three days ago, and it’s still going strong, but I feel that a correction is due very soon. Both the Stochastic and the simple RSI indicators are in the overbought region, and the pump has been going on for long enough at this point, so we can expect a pullback to follow shortly.

Longer term, I expect FET to get close to the 5 dollar mark, where it will face a stronger resistance. But this is in the longer term, later in the year.

For now, if we see a decent correction, a crucial level to watch is the 1.90 price level, which is a key support, so if we see a drop to that level, it will present a decent buy opportunity. I expect a bounce from there. 

It is worth mentioning that Fetch AI was launched in 2019, so it is not a brand new token, even though many people only just heard about it. 

AI is one of the fastest growing sectors in crypto this year, and according to a report by KuCoin Learn, AI-driven projects significantly enhance crypto industry standards in efficiency, security, and functionality, leading to safer transactions and improved financial decision-making. 

The integration of AI with cryptocurrencies is seen as a fundamental shift, not just a fleeting trend, and analysts forecast that the AI cryptocurrency sector will make further ground this year, with AI tokens outperforming the market throughout the year. Many AI-related tokens have already posted triple-digit gains, indicating strong investor interest and anticipation for the future of AI in the crypto space, which is even more of a reason to pay attention to FET and other AI related tokens. 

I mentioned several of them in my previous video and it will pop up at the end of this one, if you want to see what other AI related tokens I have on my watchlist or in my portfolio. One of the big ones is Bittensor, token symbol is TAO – it’s another one of my best performing assets I hold, another one is RNDR, which also experienced immense growth in the past 2 weeks, but watch this video to find out more.

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The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

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