Ahead of the second-quarter revenue results for Nvidia, crypto projects focused on AI development, such as Fetch.ai (FET), have attracted significant attention from investors.
FET Price Well Primed for Further Bull Run
In the past weeks, the FET price has significantly rebounded from the August 5 crypto crash. From a technical standpoint, the FET price against the US dollar has already broken out of a falling logarithmic trend. Additionally, the altcoin has consistently closed above the 50 Moving Average (MA) daily, suggesting the bulls are gradually regaining control. However, the FET price could retrace from the current levels to retest the support level around $1 before rebounding towards a new all-time high. Furthermore, the daily Relative Strength Index (RSI) has been rejected at the 70 percent level and could retrace towards 50 percent again.
Growing Ecosystem
The intersection between AI and blockchain has helped FET grow to a mid-cap altcoin project, with a fully diluted valuation of about $3.3 billion and a daily average trade of about $368 million. Already, Fetch.ai has been working with top projects including Gemini, Meta, OpenAI, and Twilio, among others.
Bigger Market Picture
The bull case scenario for FET price will significantly be determined by the timings of the highly anticipated altcoin season. From a technical standpoint, the next bull case of the altseason will be triggered by the reversal of the weekly Bitcoin dominance. Additionally, the reversal of the ETH/BTC pair will accelerate the crypto cash rotation to the altcoin space from Bitcoin. In the meantime, it is prudent to consider the upcoming US elections and anticipated interest rate cut next month as high-impact news that could trigger heightened crypto volatility.
Nvidia's earnings releases have a significant impact on AI-related projects like FET. Moving forward, markets will be guided by technical indicators and macroeconomic factors that could influence further dynamics.
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