- CYBER and FET saw their prices rise more than 7% over the past 24 hours.
- NVIDIA’s intensified focus on AI may be the reason for FET’s price surging.
- Meanwhile, CYBER’s listing on a South Korean exchange this week has boosted the altcoin’s price and trading volumes.
CyberConnect (CYBER) and Fetch.ai (FET) recorded standout performances over the past 24 hours — a period that saw the majority of the cryptocurrency market weaken according to CoinMarketCap. At press time, the market tracking website indicated that both altcoins were up more than 7%.
FET was trading at $0.2338 following its 24-hour gain of 7.18%. Moreover, the cryptocurrency experienced a 169.45% surge in its 24-hour trading volume. Subsequently, the total volume for FET stood at $36,412,611.
NVIDIA’s latest focus on the Artificial Intelligence (AI) sector may be the contributing factor to FET’s 24-hour gain. According to an analyst from the cryptocurrency analysis and education platform, CryptoBusy, the company’s intensified focus on AI may result in significant price movements for AI-themed cryptocurrencies, including FET.
Daily chart for FET/USDT (Source: TradingView)
From a technical perspective, buyers appeared to be benefiting from short-term momentum, as indicated by the positioning of the 9-day EMA line above the 20-day EMA line on FET’s daily chart. If this upward momentum persists, there is a potential for the cryptocurrency’s price to make an attempt at surpassing the downward trend line that has persisted for several months.
Once FET’s price manages to breach the $0.2420 mark, this could pave the way for further upward movement, potentially reaching the next notable resistance level around $0.290 within the upcoming weeks. Conversely, if there is a rejection from the aforementioned multi-month trend line, there is a possibility that the altcoin may retest the support level at $0.1715.
Meanwhile, CYBER saw its price rise by an impressive 12.62% throughout the past day of trading. As a result, the altcoin’s price stood at $8.70 at press time. This positive daily performance boosted the altcoin’s remarkable weekly performance to +117.81% as well.
A potential driving factor behind CYBER’s continued price rise may be the recent listing by a South Korean exchange. On Monday, Bithumb listed the cryptocurrency, which ultimately introduced the altcoin to traders that are notorious for their high levels of trading activity in the market.
4-hour chart for CYBER/USDT (Source: TradingView)
Meanwhile, CYBER’s price was able to break above the key $5.550 threshold throughout the past 48 hours. It attempted to do the same with the next key price point at $9.405 as well, but was unable to break above the level. If the altcoin fails to close a 4-hour candle above this benchmark within the next 12 hours, then it may be at risk of correcting back down to $5.550.
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