The majority of the cryptocurrency market, according to CoinMarketCap, weakened during the past 24 hours, although CyberConnect (CYBER) and Fetch.ai (FET) turned in noteworthy performances. At the time of publication, the market monitoring website showed that each altcoin had increased by more than 7%.
FET was buying and selling at $0.2338 after achieving 7.18% during the last 24 hours. Additionally, the cryptocurrency saw a 169.45% increase in its 24-hour trading volume. Therefore, the total amount for FET was $36,412,611.
The reason for FET’s 24-hour success was NVIDIA’s most recent focus on the Synthetic Intelligence (AI) market. According to an analyst from the cryptocurrency training and evaluation platform CryptoBusy, the company’s increased focus on AI may have a significant impact on the value of cryptocurrencies with AI themes, such as FET.
Technically, customers appeared to be taking advantage of short-term momentum, as seen by the placement of the 9-day EMA line above the 20-day EMA line on the day-by-day chart for FET. The cryptocurrency’s value may attempt to cross the downward development line that has been there for a few of months if this upward momentum continues.
If FET’s price can break through the $0.2420 barrier, this might open the door for more growth, which would almost certainly take it to the next significant resistance level at $0.290 in the coming weeks. On the other hand, there’s a risk that the alternative currency might retest the assist stage at $0.1715 if the aforementioned multi-month development line rejects it.
Meanwhile, CYBER had a significant increase in value over the previous trading day of 12.62%. As a result, the altcoin was worth $8.70 at the time of publication. This encouraging daily performance increased the altcoin’s exceptional weekly performance to +117.81% as well.
The current itemizing by a South Korean adjustment could be a major factor in CYBER’s continued value increase. The cryptocurrency was finally made available to traders known for its infamously high volume of market buying and selling when it was posted on Bithumb on Monday.
Meanwhile, during the course of the preceding 48 hours, CYBER’s value was able to surpass the crucial $5.550 mark. It attempted to do the same with the next important price level, $9.405 but was unsuccessful in breaking above the limit. The altcoin may correct back down to $5.550 in the next 12 hours if it fails to close a 4-hour candle above this benchmark during that time.