AI Altcoin FET Eyeing New Highs: Analyst Shares Insights

One prominent analyst specializing in cryptocurrencies has highlighted the potential for significant movement in an AI-based altcoin project. The trader, known as Rekt Capital, shared insights, suggesting that Fetch.ai ( ) is on track to approach its previous peak value. According to Rekt Capital, FET recently underwent a successful retest of a critical support level, signaling a push towards surpassing its previous all-time high. The coin’s performance hovered close to the edge of breaching a significant resistance level, a necessary step for reaching new peaks. Illustrating this trend on a chart, Rekt Capital showcased FET’s recent retest at $0.59, highlighting the importance of flipping the $0.73 price level to establish it as a solid support for potential further gains. FET, which hit its peak at $1.17 in September 2021, currently trades at $0.77, marking a 10.6% increase within the last day. Furthermore, the analyst offered into Bitcoin’s potential movement, forecasting that might not surpass the $46,000 mark until 2024, based on historical price patterns. The current trading price for Bitcoin stands at $43,939, reflecting a 3.5% increase in the past 24 hours. Additionally, Rekt Capital noted an ongoing retest in the total crypto market capitalization, excluding the top 10 digital assets by , indicating a critical evaluation of the market cap.