The Arfiticial Superintelligence Alliance (FET) continues to gain ground against the bears despite the current market environment that encourages selling rather than accumulation.
According to figures by CoinGecko, the token rose by 44% since last week making FET one of the market’s top gainers. This bullishness can be attributed to the recent developments that occurred on-chain.
FET has launched the Innovations Lab which will assist the organization in furthering its goals of supporting startups that are artificial intelligence-focused. Once the program matures, we might see its effects on FET.
Innovation Lab To Allocate $10 Million To Support AI Startups
According to the official blog post, the newly launched San Francisco-based Innovation Lab will be used as a “catalyst for developing AI agent solutions that deliver tangible value to businesses and consumers worldwide.”
To achieve this goal, the Lab will allocate over $10 million annually to fund projects focused on AI. The Innovation Lab will have three pillars that will help achieve its goals: the Startup Accelerator, the Ambassador Innovator Club, and the Internship Incubator Program.
For now, the organization seems to be focused on gaining members of the Ambassador Innovator Club for the Lab.
Fetch.ai recently shared some info about the Innovation Lab. It said the upcoming members of the club will have exclusive access to resources and support for their projects and many other benefits.
As of writing, Fetch is still looking for members with no official announcement yet.
After the launch of the https://t.co/kJ9URVpOul #Innovation Lab, we thought we’d break down what it’s all about.👇
The lab is focused on 3 pillars.
The first is the https://t.co/kJ9URVpOul Ambassador Innovator Club. (1/8) pic.twitter.com/1Ub7RejRCw
— Fetch.ai (@Fetch_ai) August 26, 2024
FET Trading At Narrow Range Facing Possible Pain Short-Term
As of press time, FET continues to trade at a narrow trading range between $1.2 and $1.3 which was made possible by the general market bearishness that bled into FET’s market. This will deter any attempt by the bulls to recover any ground above $1.3 in the short term.
With the token’s rejection on $1.3 and the subsequent rejection of the bears on $1.2, FET will continue this price movement in the coming weeks as the market might continue to be bearish within the coming days. Any bullish change within the market’s environment will offset the bear’s momentum, potentially opening the door towards $1.5.
However, investors and traders should be cautious of FET’s relative strength index which shows the bulls are exhausted in the short term. This means investors and traders should expect slight pain within the short and medium term, with FET dropping $1.1.
But the bulls should have enough leftover momentum. As the Innovation Lab matures and bears good fruit, investors and traders can expect the token to stabilize on its current trading range before attempting to breach $1.3 and then $1.5 in the long term.
Featured image from Pexels, chart from TradingView