Fetch.ai Leads AI Coins in Recovery After NVIDIA Stock Hike

Fetch.ai (FET), the seventh-largest AI coin by market capitalization, is leading the sector in recovery on June 20 following a sharp recovery in the NVIDIA stock.

FET is up 27% over the last 24 hours to exchange hands at $1.66. Its rival Near Protocol (NEAR), has risen 6.6%, while Ethereum-based Render (RNDR) has rallied 3.3% over the same period.

Brett (BRETT), an AI project built by OpenAI, was among the top-cap AI cryptocurrencies that rallied the most, adding 26% to its market value over the last 24 hours. Other notable performances were displayed by SingularityNET (AGIX) and Ocean Protocol (OCEAN), with 24% and 21.5% gains, respectively.

Data from CoinMarketCap shows that the total market capitalization of memecoins has increased 5.6% to $30.5 billion in the last 24 hours.

The surge in the AI tokens comes as the Nvidia stock recorded a 3.51% hike on June 19 — closing the day with a price of $135.58.

Fetch.Ai’s market cap is currently sitting at $1.4i billion, making it the 61st-largest cryptocurrency. Fetch.ai’s daily trading volume jumped 1215 over the past day, reaching almost $439 million.

Will the FET price continue to rise and pull the entire AI sector with it?

Fetch.ai price analysis

The FET price has formed a V-shaped recovery chart pattern on the daily chart. The appearance of two large candlesticks on the daily chart shows that the bulls are aggressively defending the $1.10 level.

The relative strength index (RSI) is rising sharply toward the 50-point mark. The increase in price strength from overbought conditions at 22 on June 18 to the current value at 48 suggested intensive buying at lower levels. As such, increased buying from the current levels will see the price rise to confront the supply zone, stretching from $1.68 to $1.95, embraced by the 50-day, 100-day and 200-day exponential moving averages.

Higher than that, the price of the pioneer cryptocurrency could rise to tag the $2.5 psychological level before hitting the neckline of the prevailing chart pattern at $2.6. Such a move would bring the total gains to 16%.

On the downside, seller congestion from the 50-day EMA at $1.7 may cause the price to turn down from the current levels. If this happens, the psychological level at $1.50 would provide the first line of defense. An additional area of support could be provided by the $1.32 support level before reaching the chart’s bottom at $1.10.