Crypto AI: Fetch.AI running dry!

In the volatile world of cryptocurrencies, Fetch.AI (FET) seems to be facing a moment of truth. After having shone brightly in the firmament in March 2023, the star of artificial intelligence now appears to be seeking its course, raising questions and speculation about its future.

Fetch.ai in trouble: Boredom takes hold of investors

The month of March was the scene of unprecedented turmoil around cryptocurrencies related to artificial intelligence (AI), driven by the approach of Nvidia’s GTC 2024 conference. The groundbreaking announcement of the Artificial SuperIntelligence (ASI) project, supported by heavy hitters like Fetch.ai, SingularityNET, and Ocean Protocol, was a major catalyst. AGIX, OCEAN, and especially FET thus benefited from unprecedented enthusiasm, propelled by these favorable winds.

https://t.co/rSGIhMgHSH's price consolidation awaits a bullish trigger, yet prevailing investor sentiment suggests a contrary outcome. What's next for $FET? Find out more at https://t.co/yGjYznKDx9 #Fetchai #crypto #investing

— AI Crypto (@AICryptoNet) April 12, 2024

The Fetch.ai (FET) seems to be stuck in a state of lateral torpor, treading water for over a month, analyzes BeInCrypto. As eyes turn towards the horizon, uncertainty reigns over the direction its price will take: a vigorous rebound or a vertiginous fall?

Investors, for their part, seem to be gradually losing interest in the fate of Fetch.ai. The lack of movement in its price suggests a prolonged stagnation. The usual investor behavior of stirring up the calm waters of the markets does not appear to apply to FET at the moment. The massive withdrawal is proof of this.

The indicators do not lie: the decline in the number of active addresses on the network indicates waning interest in the project. Even the network’s growth is slowing down, suggesting a decline in market traction.

This lethargy is also reflected in the number of active investors participating in the network, which is decreasing day by day. The prevailing pessimism seems to outweigh any ounce of optimism.

With the decline in active addresses, volatility is crumbling, leaving Fetch.ai at the mercy of either consolidation or an imminent plunge.

The course of FET: an epic in search of direction

At $2.54, Fetch.ai seems to sail between the tumultuous waters of resistance at $2.85. A difficult milestone to achieve, having been reached only once in the past three months. In this dance between aspirations to rise and the weight of consolidation, investors are keeping their distance.

The Relative Strength Index (RSI) itself, that beacon in the dark of market fluctuations, points south, below the neutral line at 50.0. A sign that FET is struggling to catch its breath, thus exposing itself to the chill of consolidation.

However, if FET crosses the support at $2.40 or surges past $2.85, everything could change. A revolution could be looming, either an upswing or a retreat.