- 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.
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.
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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