Introduction:

The value of Fetch.AI's native cryptocurrency, FET, has seen a remarkable surge, hitting a record high of $3.37 today. Currently, the FET price stands at $3.28, with a market capitalization of $2.7 billion, firmly positioning it among the top 50 cryptocurrencies.

FET Price Rally Sustains Momentum:

The rally in FET's price began in early February 2024, when it was valued at a mere $0.50. Fuelled by a significant boost in the artificial intelligence market, FET and other AI tokens experienced a substantial rally, delivering impressive returns of 500% over the past two months.

Supporting Factors for FET's Growth:

The surge in FET's value is backed by strong buying activity, evident from the On-Balance Volume (OBV) indicator. Despite a slight decline in OBV recently, the buying momentum remains robust, with the Relative Strength Index (RSI) consistently above 50, indicating a sustained upward trend.

Strategies for Traders:

Traders can employ Fibonacci retracement levels, calculated from FET's rally between February and March, to identify crucial points. FET exhibited resilience by halting its pullback at $2.15, surpassing the 50% retracement level at $1.81, reflecting investors' confidence in the ongoing uptrend. Potential profit-taking opportunities at extension levels of $4.74 and $5.74 are being considered by investors.

Analyzing Trading Volume and Circulating Supply:

In the past week, FET's trading volume surged by 59.0%, contrasting with a slight decline of 0.6% in the overall circulating supply. Presently, the circulating supply stands at 1.04 billion, representing approximately 90.5% of its maximum supply of 1.15 billion. FET currently holds the #42 position in market capitalization, valued at $3.51 billion.

Upward Trend in FET Open Interest:

Data from Coinalyze indicates a consistent uptrend in both Open Interest and spot CVD within the 1-day timeframe. This suggests prevailing bullish sentiment, especially when the price surpassed $2.8 on March 26, reinforcing optimistic long-term outlooks among speculators.

Conclusion:

The surge in Fetch.AI's price, supported by strong buying activity and growing interest, signifies a promising trajectory for FET. With strategic analysis and a bullish sentiment prevailing, FET continues to attract attention as its upward momentum persists.