This artificial intelligence coin has come to the fore with the rapid growth of AI technology and has entered the radar of whales.
This AI coin has seen a lot of growth
Artificial intelligence crypto FET has been growing in popularity lately. Fetch.ai’s governance token has increased by almost 53% over the month, according to cryptokoin.com data. This can be attributed to the rapid growth of artificial intelligence technology today. According to recent research, the artificial intelligence industry is expected to grow by 22% from this year to 2027 as a result of the increasing popularity of artificial intelligence applications.
Big tech companies have also invested heavily in artificial intelligence, with Microsoft dedicating billions to OpenAI’s ChatGPT. AI-related tokens have seen massive growth as seen in FET’s impressive price action.
Whales enter the stage
Much like tech companies, cryptocurrency whales have entered the AI space with the advent of AI tokens. $61.2 million, equivalent to 135 million FETs, was transferred to an existing whale address on Valentine’s Day.
According to Santiment’s latest tweet, the whale address that has accumulated so many FETs is also known to have $224 million worth of Ethereum. These massive whale transactions are an example of crypto investors showing great interest in AI technology and blockchain.
With large companies investing in AI companies, investor interest in AI tokens is expected to increase in the coming years.
Will FET continue to rise?
The current upward movement of the token is currently stopped by the FET’s $0.6007 resistance. For the token to sustain its bullish price action, it is imperative to prioritize the breakout at this resistance. However, the last whale transaction did not trigger a strong upward move.
Today, February 17, the token is trading in a red candle. If the bearish momentum continues, a retest of the $0.3864 support is inevitable. But with AI-related tokens becoming so popular lately, we can see the rise of FET continue in the medium to long term.
Not to mention the growing use cases of artificial intelligence, there will also be increased investor interest, further fueling the bulls’ momentum. For now, investors and traders should focus on defending the $0.3864 support in the short to medium term. Tracking the movement of major cryptocurrencies like Bitcoin and Ethereum will also benefit them as FET is somehow associated with them.
If the bulls are successful in maintaining the current support of the token, targeting $0.6007 will be very easy. A breakout of this level could open the $0.7334 resistance for the bulls.
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