Fetch.ai, the AI-powered cryptocurrency, has witnessed a remarkable surge in its price, soaring over 45% this week. This sudden rally comes on the heels of a cryptic tweet from Injective, hinting at a potential partnership between the two platforms.

The FET token, which had previously faced a sharp pullback, has now made a bullish engulfing candlestick at the bottom, signaling a strong buyer accumulation. At the time of writing, the FET price stands at $1.64, with an intraday surge of 16.36%, reflecting a renewed buying momentum.

Analysts are optimistic about Fetch.ai's prospects, suggesting that the token may surpass the 200-day EMA mark and continue its upward trajectory. The FET/BTC pair is currently trading at 0.0000270 BTC, and the market cap stands at $4.24 Billion.

The recent price action indicates a recovery followed by a base formation around the $1.10 mark. The buyers are now eyeing the $2 mark, and the bear army appears to have covered their short positions, leading to a bounce from the bottom.

The trading volume has spiked by over 173% to $393.73 Million, revealing intense investor speculation in the last 24 hours. The Momentum Indicator (RSI) has also shown signs of a positive crossover, further strengthening the bullish sentiment.

According to the Fibonacci levels, the FET price has rebounded from its 23.6% level and is likely to reclaim the 38.2% zone near the $2 mark. The price volatility curve has spiked by over 65%, highlighting the sharp speculative buying activity.

Interestingly, the social dominance value of the Fetch.ai token has soared by over 78% to 1.019%, indicating an increase in user engagement on social media platforms. However, the development activity has declined by over 34%, suggesting a slightly cautious outlook.

In conclusion, Fetch.ai's recent price surge has caught the attention of the crypto community, and the token's performance in the coming weeks will be closely watched. With the potential for a short-covering rally and the possibility of reaching the $2 mark, Fetch.ai's resurgence could be a promising sign for its future growth.