FET: On-Chain Development Fuels 44% Surge In Just A Week
August 28 2024 - 5:00PM
NEWSBTC
The Arfiticial Superintelligence Alliance (FET) continues to gain
ground against the bears despite the current market environment
that encourages selling rather than accumulation. According
to figures by CoinGecko, the token rose by 44% since last week
making FET one of the market’s top gainers. This bullishness can be
attributed to the recent developments that occurred on-chain.
Related Reading: New Memecoin Popcat Claws Its Way Up, Dominates
Top 100 Cryptos With 62% Rally FET has launched the Innovations Lab
which will assist the organization in furthering its goals of
supporting startups that are artificial intelligence-focused. Once
the program matures, we might see its effects on FET.
Innovation Lab To Allocate $10 Million To Support AI Startups
According to the official blog post, the newly launched San
Francisco-based Innovation Lab will be used as a “catalyst for
developing AI agent solutions that deliver tangible value to
businesses and consumers worldwide.” To achieve this goal,
the Lab will allocate over $10 million annually to fund projects
focused on AI. The Innovation Lab will have three pillars that will
help achieve its goals: the Startup Accelerator, the Ambassador
Innovator Club, and the Internship Incubator Program. For
now, the organization seems to be focused on gaining members of the
Ambassador Innovator Club for the Lab. Fetch.ai recently
shared some info about the Innovation Lab. It said the upcoming
members of the club will have exclusive access to resources and
support for their projects and many other benefits. As of
writing, Fetch is still looking for members with no official
announcement yet. After the launch of the
https://t.co/kJ9URVpOul #Innovation Lab, we thought we’d break down
what it’s all about.👇 The lab is focused on 3 pillars. The first is
the https://t.co/kJ9URVpOul Ambassador Innovator Club. (1/8)
pic.twitter.com/1Ub7RejRCw — Fetch.ai (@Fetch_ai) August 26, 2024
FET Trading At Narrow Range Facing Possible Pain Short-Term As of
press time, FET continues to trade at a narrow trading range
between $1.2 and $1.3 which was made possible by the general market
bearishness that bled into FET’s market. This will deter any
attempt by the bulls to recover any ground above $1.3 in the short
term. With the token’s rejection on $1.3 and the subsequent
rejection of the bears on $1.2, FET will continue this price
movement in the coming weeks as the market might continue to be
bearish within the coming days. Any bullish change within the
market’s environment will offset the bear’s momentum, potentially
opening the door towards $1.5. However, investors and traders
should be cautious of FET’s relative strength index which shows the
bulls are exhausted in the short term. This means investors and
traders should expect slight pain within the short and medium term,
with FET dropping $1.1. Related Reading: Floki Bullish
Breakout Ignites: Could A 96% Surge Be Next? But the bulls should
have enough leftover momentum. As the Innovation Lab matures and
bears good fruit, investors and traders can expect the token to
stabilize on its current trading range before attempting to breach
$1.3 and then $1.5 in the long term. Featured image from
Pexels, chart from TradingView
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