Cryptocurrency Market Rises 5.1%; AI Tokens Spearhead with 11.2% Boost

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Today, the cryptocurrency market glows with encouraging numbers, boasting a robust 5.1% incline. The market’s total capitalization has now reached a staggering $2.3 trillion. This recent surge has positively impacted various sectors. Notably, meme-centric coins hold a firm 9% increase, while their Artificial Intelligence (AI) counterparts relish an 11.2% boost within the last 24 hours.

Fetch.AI (FET) is making significant strides at the helm of the AI sector, having marked an impressive 14.5% increase in the past day alone. Analysts from all corners are foreseeing a bullish breakout for the token in the near future.

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According to numerous market experts, artificial intelligence tokens could potentially take center stage in the second cycle’s narrative. Alex Wacy, a prominent figure in the market, considers that the AI industry is perched on the edge of a “multi-trillion-dollar boom”, attributing this to its increasingly popular interest over the last year. He envisions that this sector alone could engender a market worth trillions, even reaching up to a $2 trillion valuation by 2030.

AI tokens also demonstrated vigorous performance this week, with Altcoin Sherpa remarking the sector is showing decent overall strength. Tokens such as Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai have been the stars of the show.

Daan Crypto, a renowned trader, noted that the AI sector has arguably been the strongest performer in the new market move. In contrast, memecoins have showcased comparatively weaker performance. Daan shared his insights on the recent exemplary performance of Fetch.AI in particular.

He pinpointed the token’s effort to push above the diagonal trendline, touting the $2.35 mark as an initial resistance level to overcome. A successful breakout beyond this point could mark the inception of a further trend shift. Furthermore, Daan remarked that the token has already broken above the 4H 200MA/EMA. However, according to him, it must continue to test the $2.5 mark and comfortably sit above the $2.35 price range in order to break the trend and move upwards in the coming weeks.

Interestingly, a fellow crypto trader, Scient, considers the token to be consolidating within a one-day ascending bullish triangle. His chart placement predicted a possible drop below the trendline prior to regaining the $2.12 price range and moving back within the triangle. If this retest and confirmation of the trendline reclaim were successful, he proposed that he would take a long position.

Offering a more specific forecast, Crypto analyst World of Charts highlighted a ‘textbook’ bullish pennant pattern on FET’s chart. He expects an imminent upside breakout, which could thrust the token into a 2x bullish wave. If this breakout is victorious, the token’s price may soar above the $4 price range.

Cryptoboss chimed in with a similar prediction, hinting at a breakout that could double the token’s price. As he shared this possibility, he hinted, “$FET 4$ exe loading…”

Over the past day, the token enjoyed a sizeable 14.5% leap, moving from $2.04 to fluctuate within the $2.3-$2.32 price range. This represents a 7.5% and 13.2% increase across the weekly and monthly timeframes, respectively.

Moreover, FET witnessed a surge in market activity, with its daily trading volume rocketing by 102% and recording $354.2 million traded in the last 24 hours.