Fetch.ai price has done well in the past few sessions as demand for the autonomous agent’s token rose. It rose to a high of $0.096, which was the highest level since December 16 of this year. The FET price has jumped by 17% from the lowest point this week, giving it a market cap of more than $79 million. It is the 93rd biggest crypto token in the world.
Demand for FET rises
Fetch.ai is a small blockchain project that provides autonomous agent technology solutions to developers. An autonomous agent in technology refers to software solutions that automate tasks in applications. As a result, companies that use these solutions save money, boost productivity, and improve performance.
Fetch.ai is the biggest company that is leveraging these solutions in the blockchain industry. The platform is built using the Cosmos SDK, which is one of the most popular platforms in the blockchain industry. It also uses the WASM-based smart contract language, which makes it serve as a layer-1 network for Ethereum and an interchain bridge for the rest of the blockchain world.
Some of the top applications in the Fetch.ai ecosystem are CoLearn, AXIM, Atomix, and Mobix among others. Atomix enables stablecoin holders to supply liquidity and receive yearly yields. On the other hand, Axim makes it possible for businesses to safely and securely connect data silos, which helps them improve their understanding via machine learning models.
Therefore, the Fetch.ai price is rising as investors lean more about autonomous agent technology. Further, it is rising as the market become aware of staking features. Early this month, Binance US became one of the top exchanges to allow staking the FET token. Data shows that users can now earn a 7% APY when staking the token.
Risks for Fetch.ai
There are two main risks for investing in Fetch.ai. First, it is a thinly traded crypto token that is provided by a few exchanges. As a result, such small tokens tend to be prone to pump and dumps, which can lead to substantial losses.
Second, as a token, it has become relatively hard to establish their true value recently. A good example of this is what happened with tokens like the FTX Token, Voyager token, and Celsius token. These tokens are highly illiquid and hard to value.
Fetch.ai price prediction
The four-hour chart shows that the Fetch.ai price has made a bullish breakout in the past few days. This breakout is important because it happened as the falling wedge pattern reached its confluence level. In price action analysis, a falling wedge is one of the most accurate bullish patterns. It has also moved slightly above the 25-day and 50-day moving averages.
Therefore, because of the wedge pattern, the FET price will likely continue rising as buyers target the next key resistance level at $0.12. A drop below the support at $0.09 will invalidate the bullish view.
