Ramazan Eles 
Fetch AI (FET), a leading Cosmos-based project, received a neutral rating from InvestorsObserver on Saturday. However, this rating comes amidst a price decline for FET, bucking the broader market trend that saw a slight gain.
While the overall cryptocurrency market experienced a rise of 0.58%, FET dropped 4.08% to trade at $3.09. InvestorsObserver’s Sentiment Score analyzes price and volume changes over the past five days to gauge investor sentiment. This score can be helpful for both long-term investors considering buying the dip and short-term traders aiming to capitalize on potential rallies.
Fetch AI Underperforms Market
Currently, FET is trading near its price point from five days ago. It’s up 29.32% from its five-day low of $2.39 but down 11.06% from its five-day high.
Technical Analysis Points to Potential Downturn
The current price of FET sits below a support level, indicating a potentially risky zone. Selling pressure might push the price further down, with resistance at $3.36 and support at $3.09. Furthermore, recent trading volume for FET has been low, suggesting less activity compared to the average of the past seven days.
FET witnessed a significant drop, reaching $3.07, a decrease of nearly 3% compared to the previous day. The market capitalization of FET stands at $2.6 billion. Trading volume also dipped by 22% to $373.9 million.
Fetch AI’s Recent Initiative
The neutral rating coincides with Fetch AI’s announcement of a groundbreaking program to propel advancements in artificial intelligence (AI) technology. Fetch Compute’s $100 million project aims to provide developers with improved training resources, computing power, and tools. The program intends to revolutionize AI research by granting access to cutting-edge Nvidia GPUs like the H200, H100, and A100, offering unprecedented computational capabilities for users and developers.