Fetch.ai crypto price has been in a remarkable comeback in the past few days. FET token soared to a high of $0.2876, the highest level since May 6 of 2022. It has surged by more than 420% from its lowest point in 2022. This makes it one of the top-performing cryptocurrencies in the world. Its total market cap has surged to more than $226 million.
Why FET crypto is soaring?
Fetch.ai is a technological platform that provides autonomous economic agent (AEA) solutions to developers from around the world. An AEA is defined as an intelligent agent that operates on owner’s behalf and with limited or no interference of the owner’s entity. The platform’s aim is to generate economic value of its owner. In other words, Fetch.ai is building the autonomy of things.
Fetch.ai price has done well as the developers announced their on-chain governance for the ecosystem. The report explained the benefits of its on-chain governance framework. In the past few months, there have been five governance proposals. The most recent proposal was to increase the number of active validators on Fetch network to 70.
There are three main reasons why the FET price has surged. First, it rose because of the changing monetary policy conditions. Inflation in the United States has dropped to the lowest level in months. Falling inflation means that the Federal Reserve will likely start its pivot in the coming months. This also explains why other cryptocurrencies like Bitcoin and Ethereum have surged in the past few days.
Second, Fetch.ai crypto price has risen because of the recent embrace by Binance. Binance US started allowing staking in 2022. And most recently, the company launched Fetch futures with up to 20x leverage. Its perpetual contracts will help more people gain more access to the coin.
Finally, the developers upgraded their Jenesis v0.6.0 upgrade. The key parts of the upgrade are its full autocomplete feature, back-end upgrades, and revised docker task management.
Fetch.ai crypto price forecast
The daily chart shows that the FET crypto price has been in a strong bullish trend in the past few months. As it rose, the token is approaching the 23.6% Fibonacci Retracement level. It has also moved above all moving averages, which is a sign that bulls are in control for now. The coin has also seen its oscillators like the Relative Strength Index (RSI) and Stochastic Oscillator continue rising.
Therefore, the bullish trend will likely continue rising as buyers target the key resistance point at $0.50. This target is about 33% above the current level. A drop below the support at $0.20 will invalidate the bullish view.