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It Leads AI Crypto Market with Bullish Momentum

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FET is establishing itself as the dominant force in the AI cryptocurrency space, outperforming its competitors in both market cap and trading volume. With 75% of addresses in profit and a recent golden cross signaling strong bullish momentum, FET may be on the verge of a significant rally.

As it approaches key resistance levels, the potential for new all-time highs becomes increasingly possible.

FET Is Outpacing Its AI Competitors

FET is positioning itself as the frontrunner in the artificial intelligence cryptocurrency sector, with several factors solidifying its dominance. At present, FET holds the largest market capitalization among AI-related coins, sitting at $4.22 billion.

While Bittensor follows closely behind with a market cap of $4.19 billion, FET lead becomes even more pronounced when comparing it to the rest of the field. Combined, Render, Worldcoin, and Akash Network don’t even match FET’s market cap.

In 2024, FET recorded an astonishing trading volume of $49.92 billion, which is more than 4.5x that of Bittensor, its closest competitor. This discrepancy in volume is crucial because it indicates the level of market interest and liquidity flowing through FET.

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

Top 5 Biggest Artificial Intelligence Coins.
Top 5 Biggest Artificial Intelligence Coins. Source: Messari

Moreover, FET year-to-date (YTD) price surged by an impressive 126.78%, outpacing not only Bittensor, which posted a strong but comparatively lower 102.56%. Higher volume often reflects stronger demand and wider participation, all of which play into FET price favor.

Investors and traders are clearly gravitating toward FET, which could create a positive feedback loop where its liquidity, visibility, and relevance in the market only continue to grow. This could also establish FET as the leading AI coin in the market, making it even more dominant.

FET Profitable Addresses Could Drive a New Price Surge

At present, around 75.25% of all FET addresses are in profit, which means roughly 85,010 addresses are seeing gains at the current price of $1.70. Meanwhile, about 21.44%, or 24,220 addresses, are experiencing losses, and a small fraction, 3.31%, or 3,740 addresses, are at break-even.

This distribution suggests that the majority of FET holders are confident in the asset’s future, having already seen positive returns on their positions. When a large proportion of holders are in profit, it typically signals strong market sentiment and potential for further upward momentum as more investors are encouraged to enter the market.

FET Historical Break Even Price.
FET Historical Break Even Price. Source: IntoTheBlock.

Historically, a similar proportion of addresses in profit during an uptrend for FET led to an explosive price surge, where it skyrocketed by over 500% in just one month. This past performance suggests that when so many holders are already in profit, it creates conditions ripe for rapid price appreciation, particularly if demand continues to grow.

With the current percentage of addresses in profit, FET price could be setting up for another significant rally, drawing comparisons to previous bull runs in its price history.

FET Price Prediction: A New All-Time High Soon?

FET recently formed a golden cross, a bullish technical pattern where the shorter-term exponential moving average (EMA) crosses above the longer-term EMA. This pattern is often seen as a sign of building upward momentum, typically followed by further price appreciation. In FET’s case, the different EMA lines on the chart show a bullish alignment, with shorter-term EMAs positioned above longer-term ones.

EMAs are used to smooth out price data and identify trends more clearly. Unlike simple moving averages, EMAs give greater weight to recent price movements, making them more responsive. Traders commonly track multiple EMAs, such as the 20, 50, 100, and 200-day lines, to assess trend strength and direction. In FET’s case, these EMAs are showing a clear upward trajectory, reinforcing the bullish outlook.

Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

FET EMA Lines and Support and Resistance.
FET EMA Lines and Support and Resistance. Source: TradingView

If this uptrend holds, FET could test key resistance levels at $1.86 and $2.28. A break above these levels would strengthen the bullish case, potentially leading to further resistance points at $2.70 and $3.48. Surpassing these could push FET toward a new all-time high, signaling a strong bullish move.

But if the uptrend weakens and FET’s price reverses, support levels at $1.24 and $1.00 could become critical. Should bearish sentiment continue, the price could fall further, potentially reaching $0.80. These key levels will determine whether FET can maintain its bullish momentum or if a deeper correction is on the horizon.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Dogecoin (DOGE) Signals New Upside Move: Can Bulls Take Charge?

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Dogecoin found support at $0.3050 and recovered some losses against the US Dollar. DOGE is now rising and might aim for more gains above $0.350.

  • DOGE price started a decent increase above the $0.315 and $0.320 levels.
  • The price is trading near the $0.3320 level and the 100-hourly simple moving average.
  • There was a break above a major bearish trend line with resistance at $0.330 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $0.340 and $0.3480 resistance levels.

Dogecoin Price Aims Higher

Dogecoin price started a fresh decline from the $0.3850 resistance zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.3500 and $0.3350 support levels. It even spiked below $0.320.

A low was formed at $0.3052 and the price is now rising above the 50% Fib retracement level of the downward move from the $0.3599 swing high to the $0.3052 low. There was a break above a major bearish trend line with resistance at $0.330 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.330 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3390 level and 61.8% Fib retracement level of the downward move from the $0.3599 swing high to the $0.3052 low.

Dogecoin Price

The first major resistance for the bulls could be near the $0.3480 level. The next major resistance is near the $0.3550 level. A close above the $0.3550 resistance might send the price toward the $0.3660 resistance. Any more gains might send the price toward the $0.3880 level. The next major stop for the bulls might be $0.40.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.340 level, it could start another decline. Initial support on the downside is near the $0.3250 level. The next major support is near the $0.3150 level.

The main support sits at $0.3150. If there is a downside break below the $0.3150 support, the price could decline further. In the stated case, the price might decline toward the $0.3020 level or even $0.300 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.3250 and $0.3150.

Major Resistance Levels – $0.3400 and $0.3480.



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Gemini Halts MIT Hiring Due to Gary Gensler’s Academic Ties

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Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, announced that the company will cease hiring MIT graduates and interns. The hiring freeze will last as long as former Securities and Exchange Commission (SEC) Chair Gary Gensler remains associated with the institution.

The bold move reflects the ongoing tension between the cryptocurrency industry and regulatory bodies.

Tyler Winklevoss Sends Strong Message to MIT

As BeInCrypto reported, Gensler returned to MIT Sloan School of Management as a professor. The return comes after years of Gensler leading the SEC’s onslaught against the crypto industry. Against this backdrop, Tyler Winklevoss sent a strong message to MIT. He articulated Gemini’s resolve not to associate with Gensler in any way.

“As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school. Not even interns for our summer intern program,” the Winklevoss twin shared on X.

The other twin, Cameron Winklevoss, has not commented on the matter. Nevertheless, he reiterated calls to boycott MIT graduates until Gensler is fired.

“Every crypto company should boycott MIT grads until Gary is fired. What a way to ruin the reputation of such an illustrious institution! We can use peace and our own market discretion where Gary used coercion and extortion,” said Erik Voorhees, founder of Venice.ai, in a post that Cameron Winklevoss re-shared.

The Winklevoss twins are among industry executives on the frontline for pro-crypto policies. They have been notably active in political circles, making substantial contributions to pro-crypto candidates and causes. The twins have also been involved in significant political fundraising efforts, including President Donald Trump’s campaign contributions.

Taken together, it explains their dislike for Gensler after what has been deemed unfair regulation under his tenure. Meanwhile, the controversy has prompted discussions about the implications for MIT students and alums. Caitlin Long, the founder and CEO of Custodia Bank, also weighed in, instigating a reaction from MIT alums.

“Oooooh, as Gensler returns to MIT, are MIT alums pushing back? The world has changed—the crypto industry has already urged boycotting of law firms that hired revolving-door ex-govt regulators that attacked the law-abiding industry. Is that about to expand to universities too?” she quipped.

Indeed, Matt Huang, co-founder of crypto-focused investment firm Paradigm, is rallying MIT alums in crypto. This is likely in response to Gensler’s return and the ensuing controversy. Huang holds a B.S. in Mathematics from the same institution.

“If you are an MIT alum in crypto, please get in touch,” Huang wrote in a post on X.

Coinbase CLO Paul Grewal, who received his SB degree from MIT, has already heeded the call. This indicates the spectrum of Winklesvoss’s stance, igniting reactions within the cryptocurrency community and beyond. Some industry participants supported Winklevoss’ position, criticizing Gensler’s regulatory approach while at the SEC.

“All crypto companies should sign a pledge not to hire from any educational facilities that financially support Gensler in any way. He is a complete fraud, and working to assist in the formation of a globalist, socialist world government. Never to be trusted, ever again,” wrote CHEX Magnet, a popular user on X.

Conversely, others have defended Gensler’s academic contributions. They cited his prowess during his numerous class sessions before his tenure at the SEC.  

“Anyone watch Gensler’s online MIT classes? I did. His lessons were not bad. It was a surprise to see him get absolutely nothing accomplished while SEC chair,” Tom, another user on X, challenged.

Even as Gemini takes a bold stance against Gensler’s return to MIT, the exchange faces its regulatory challenges. The company recently settled with the Commodity Futures Trading Commission (CFTC), agreeing to pay a $5 million fine.

Nevertheless, Gemini neither admitted nor denied allegations of misleading the regulator. Additionally, Gemini announced its exit from the Canadian market, citing regulatory pressures as a primary factor in its decision.

As the intersection of academia, regulation, and the cryptocurrency industry becomes a focal point of debate, the outcomes could likely have lasting implications.  

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Bulls Stay In Control: Uptrend Poised to Continue

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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