FET Blasts 14% Higher: See The “Golden” Signal Behind The Surge

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:30 pm

2 mins read

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As the broader cryptocurrency market breaks out on the back of Bitcoin’s big rally, FET is the next altcoin to double-digit gains. The AI cryptocurrency at one point hit 14% higher intraday.

The move could be the start of something special, according to a “golden” signal in Fetch.ai.

FET Soars 14% As Golden Cross Triggers

FET is up 14% today as cryptocurrencies across the board see significant gains led by Bitcoin (BTC) this week. Even before the big move, the AI coin had opened this weekly trading session forming a golden cross of the 50-week and 200-week moving averages.

A golden cross occurs when a short term moving average crosses above a long-term moving average from below. This is a buy signal in trend-following technical systems and suggests that a new trend is potentially blossoming. A death cross is the opposite sell signal.

While the signal in and of itself is bullish based on the performance of trend-following systems, FET could be showing itself as a crypto market leader by being among the first coins to form such a golden cross. Ethereum (ETH) and Bitcoin are still death crossed, for example.

Even recent market stars Chainlink (LINK) and Solana (SOL) haven’t formed a golden cross on the weekly timeframe.

The golden cross has formed | FETUSD on TradingView.com

Can Fetch Recapture AI Hype?

There’s no denying fetch.ai’s latest double-digit price surge has brought fresh excitement and validation to the project. The startup’s vision of an AI-powered decentralized machine economy clearly resonates with many crypto investors. Furthermore, hype around AI leftover from Nvidia’s epic rally could find its way further into Fetch.ai.

FETUSD rallied by more than 2380% starting from October 2020 through April 2021. In late 2022, Fetch.ai did another 900% following the release of ChatGPT and other big AI projects. What might this next rally result in for return on investment, if it continues higher?

Former all-time highs reside around $1.20, which could be the next logical target if price exceeds $0.60, which was the 2023 peak so far. Beyond that, FET would enter price discover and there is no telling how high it could go. But with only two months left in 2023, the $0.60 peak might stand as the record, with FET not able to break above it until 2024.

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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