The rise of artificial intelligence has significantly inspired some cryptocurrency projects focused on the AI sector, led by Fetch.ai (FET). The Fetch.ai network has gained popularity for democratizing access to AI technology with a permissionless ecosystem.
As a result, the Fetch.ai network has grown to a mid-cap altcoin, with a fully diluted valuation of about $3.3 billion and a daily average trading volume of nearly half a billion dollars.
According to the latest crypto market data, FET price gained around 15 percent in the past 24 hours to trade at about $2.86 on Tuesday during the early London session.
FET Price Action and Mid-term Targets
As Bitcoin price signaled the onset of the pre-halving rally, FET price also showed potential for a second bullish phase in the near term. According to a price technical analysis by a popular crypto analyst, Captain Faibik, the FET price has already broken out of a bullish flash and is ready for liftoff.
After the FET price has been consolidated through a short-term correction for the past three weeks, the crypto analyst is confident that the altcoin will rally by 58 percent soon. Moreover, the FET price in the four-hour time frame has begun making higher highs and higher lows, confirming the breakout through a retest expected to signal a fresh bull run.
Meanwhile, the bullish sentiment of the FET price could be invalidated if the altcoin consistently closes below $2.3 in the coming days.
Altseason at Hand
With Bitcoin dominance signaling a major reversal in the coming months, the altcoin market is preparing for a fresh bull run. According to an Elliott Wave principle, the Total3 market cap, which excludes Ethereum and Bitcoin, is aiming to retest $2 trillion. As a result, most of the altcoins will retest the all-time high set in the 2021 bull cycle.
