Crypto Whales Take Fetch.AI Bait Of 135 Million FET Tokens As AI Ecosystem Expands

FET cryptocurrency with artificial intelligence has been gaining popularity lately. In accordance with Koingecogovernance token is up nearly 53% in a month. This can be explained by the rapid development of artificial intelligence technologies today.

In accordance with Recent ResearchThe AI ​​industry is expected to grow by 22% from this year to 2027 as a result of the growing popularity of AI applications.

Big tech companies have also invested heavily in AI, with Microsoft investing billions in OpenAI’s ChatGPT.

AI-related tokens have shown significant gains, as evidenced by the impressive FET price moves.

Whales dive into the scene

Like tech companies, cryptocurrency whales have entered the AI ​​space thanks to the advent of AI tokens. About $61.2 million, or the equivalent of 135 million FET, was transferred to an existing whale address on Valentine’s Day.

According to a recent Santiment report tweet, the address of the whale that has accumulated so many FETs is known to hold more than $224 million worth of Ethereum. These large whale deals are an example of how crypto investors are very interested in artificial intelligence technologies and blockchain.

As large companies invest in AI companies, investor interest in AI tokens is expected to increase in the coming years.

FET @ $0.4304 – Will Crypto Continue to Rise?

The current upward movement of the token is currently halted by the FET resistance of $0.6007. In order for the token to resume its bullish price movement, it is necessary to prioritize a breakout of this resistance. However, the recent whale trade did not generate a strong upside move.

Today, February 17, the token is trading on a red candle. If the bearish momentum continues, a retest of the $0.3864 support is imminent.

But with AI-related tokens so popular lately, we may see a continuation of FET bullishness in the medium to long term.

Not to mention the growing use cases for AI, investor interest will grow with it, further boosting the bullish momentum.

Crypto total market cap at $1 trillion on the daily chart | Chart:

For now, investors and traders should focus on protecting the $0.3864 support in the short to medium term. Watching the movement of major cryptocurrencies such as bitcoin And Ethereum will also benefit them as FET correlates somewhat with them.

If the bulls manage to defend the token’s current support, hitting the $0.6007 target will be an easy task. A break of this level could open $0.7334 resistance for bulls.

-Image by Jeff J. Mitchell/Getty Images

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