Fetch.ai Price Pumps To New Highs, But Is FET Rally Sustainable? Borroe Finance Attracts Millions In Presale On AI Narrative

The AI narrative is going strong in the crypto market this bull cycle, with some AI-focused coins like Render Token (RNDR) pumping over 70% in the last 30 days. However, one of the most prominent AI coins is Fetch.ai (FET), which has pumped 26% today and almost 200% over the last 30 days. 

Meanwhile, Borroe Finance, a new AI project in the ICO phase, has raised $3 million already.

Fetch.ai (FET) Price Analysis

FET holders have reason to celebrate lately, as the token price pumped 26% today, with FET trading around $1.64 at the time of writing. Looking at the broader price movement, FET has pumped almost 200% over the last 30 days, all the way from $0.55 levels. The current market cap sits around $1.3 billion, which is in line with its all-time high.

We analyzed the FET/USD chart, and we can see that the price traded sideways for over 2 months from early December to mid-February, bouncing between $0.5 to $0.8. However, 10 days ago, the price finally broke out of this channel and entered “discovery mode.” This means FET is now trying to find new price ranges and set new highs as it trends upwards.

The 200-day moving average (MA) line sits around $0.48 currently. The 200-day MA measures the average closing price over the last 200 days and is seen as an important long-term trend indicator by traders. Prices staying consistently above this line indicate a long-term bullish trend, so the current 200-day MA is positive for FET.

The DEMA 9 close is reading $1.59. DEMA stands for Double Exponential Moving Average and tracks price changes closely. The current high DEMA 9 suggests strong upward momentum for FET in the short-term.

Checking the daily Relative Strength Index (RSI), we see a reading of 61. RSI measures the speed and magnitude of recent price changes to analyze overbought or oversold conditions. An RSI of 61 shows bullish momentum without being overextended just yet.

So while FET looks quite positive from both a short-term and long-term standpoint, a minor pullback and consolidation can still be expected while the price is hovering within this discovery phase. But the overall technical picture looks bright.

Word of Caution – Whales Might Take Profit on FET

According to an analysis by on-chain data provider SpotOnChain, major FET holder DWF Labs recently deposited another 1 million FET (worth $1.41 million) to Binance at $1.414 per token.

The transaction hash is: 0x14234eeb30570237e0a580799a6dfce2ed54618470fb3f32b2c034c61a2c9c1d

The deposit originated from address 0xddacad3b1edee8e2f5b2e84f658202534fcb0374, which belongs to DWF Labs.

Notably, SpotOnChain estimates DWF Labs has gained a total profit of $6.49 million from FET trades:

• They withdrew 10 million FET from Binance at $0.201 (worth $2.01 million) on August 25, 2023.
• Since then, they have deposited 7.95 million FET back to Binance and Bybit at an average price of $0.662, realizing $3.66 million (+229%) in profit.
• DWF Labs still holds 2.05 million FET worth $3.24 million, representing another $2.83 million in unrealized profit.

This big selling from a major holder like DWF Labs introduces caution that FET’s price may pull back if more whales begin taking profits.

Borroe Finance presale hits $3 million mark

Borroe Finance has raised $3 million in presale so far, with the current ROE token price at $0.019, while the next stage price (stage 5) is set at $0.020.

Borroe Finance aims to help Web3 businesses overcome financial constraints using an AI-based invoice discount NFT marketplace. This projects provides a solution to liquidity issues by enabling companies to tokenize future revenue streams into NFTs.

The goal is to revolutionize Web3 financing by allowing the sale and purchase of NFTs representing future cash flows of crypto startups. This gives businesses immediate funding, while also enabling investors to back projects they believe in.

Of course, Borroe Finance utilizes blockchain technology, AI-powered risk analysis, and smart contracts to simplify financial transactions. This makes funding fast, seamless, reliable, and without cumbersome paperwork.

On the Borroe Finance platform, Web3 companies can mint NFTs based on upcoming subscription fees, royalties, management charges and more. These NFTs are then listed on the marketplace at a discount, supplying companies instant capital while giving investors upside exposure.

ROE leverages cutting-edge blockchain, AI for risk evaluation, and smart contracts for quick and secure deals. This farewells tedious approvals and paperwork associated with conventional financing.

So with AI integration and Polygon’s robust architecture, Borroe Finance pioneering a way for Web3 businesses to raise money by selling future cash flows. The fusion of AI, oracles, and liquidity pools potentially makes Borroe a platform for investors seeking exposure to innovative projects.

Conclusion

To wrap up, with Fetch.ai hitting new highs but also facing potential whale profit-taking, and innovative funding models like Borroe Finance’s invoice NFT system gaining traction, the crypto AI sector remains lively. 

We expect the AI narrative to continue this bull run as more projects integrate artificial intelligence to solve problems for Web3 users and businesses. Both FET and Borroe Finance might potentially be on your shortlist as two cryptos of this growing trend.

Join Borroe Finance Presale

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.