FET Price Well Primed for Further Bull Run

Ahead of second-quarter revenue results for the so-called ‘most important company in the world’ Nvidia (NASDAQ: NVDA) layer today, crypto projects

Crypto projects centered on artificial intelligence (AI) development, such as the Artificial Superintelligence Alliance (FET), have garnered attention ahead of Nvidia’s (NASDAQ: NVDA) second-quarter revenue results.

Despite Nvidia’s lack of affiliation with the crypto domain, its quarterly earnings have historically had a positive impact on AI-related crypto projects.

FET Price Poised for Continued Surge

The FET price has witnessed a substantial recovery from the crypto crash on Aug. 5. From a technical perspective, the FET price, when measured against the US dollar, has already breached a falling logarithmic trend.

Moreover, the altcoin has consistently closed above the 50 Moving Average (MA) on the daily timeframe, indicating the bulls are gradually taking charge.

However, the FET price may experience a pullback from the current levels to retest the support around $1 before bouncing back towards a new all-time high. Additionally, the daily Relative Strength Index (RSI) has faced rejection at the 70 percent level and could be set to retrace towards 50 percent again.

Expanding Ecosystem

ASI Alliance CEO and @SingularityNET CEO & Chief Scientist @bengoertzel joined @mattzahab on the @cryptonews podcast to discuss

The future of AI & Blockchain

The history and future of AI &

How AI and blockchain work together !

https://t.co/zaXWetVymq

The convergence of AI and blockchain has propelled FET to become a mid-cap altcoin project, boasting a fully diluted valuation of approximately $3.3 billion and a daily average trade of around $368 million.

Currently, Fetch.ai is engaged in collaborations with prominent projects, including Gemini, Meta, OpenAI, and Twilio.

Broader Market Outlook

The timing of the highly anticipated altcoin season will play a crucial role in determining the bull case scenario for the FET price. From a technical standpoint, the breakout of the weekly Bitcoin dominance will trigger the next bull case of the altseason.

Furthermore, a reversal in the ETH/BTC pair will accelerate the crypto cash rotation from Bitcoin into the altcoin space.

Meanwhile, it is essential to keep an eye on the upcoming US elections and the anticipated interest rate cut next month, both of which are high-impact news items that could lead to heightened crypto volatility.