Artificial intelligence-themed tokens have surged over the past 24 hours following the US Federal Reserve's 50 basis-point rate cut.
AI tokens drive market growth
Artificial Superintelligence Alliance (FET) consortium—comprising Fetch.ai, Ocean Protocol, and SingularityNET—has been a star performer, with its FET token surging approximately 15% in the last 24 hours to reach $1.54 on Sept. 19. This growth mirrors the significant gains in Nvidia's stock.
Bullish forecasts for FET token
The upcoming vote on whether to include Cudos in the Artificial Superintelligence Alliance could further drive FET's performance. FET has already outperformed the broader crypto market, rising more than 108% year-to-date and 558% over the past 12 months.
Technical analysis of FET
Technical analysis shows that FET price found support at $0.70 on Aug. 5. It has since recovered, rising more than 120%. Analyst Rekt Capital believes FET has broken a multi-month downtrend, leading to potential further gains. Analyst Nebraskangooner adds that FET has broken out from an 'inverse head-and-shoulders' pattern, suggesting a potential rise to $2.30.
The AI-themed token market shows significant growth amid the US Federal Reserve's rate cut and the anticipation of the upcoming governance vote in the Artificial Superintelligence Alliance. Analysts remain optimistic about further price increases.
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