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Fetch.ai price prediction: FET still attractive amid AI narrative

  • Fetchai price was down 3% on Thursday morning after a double digit move the previous day.
  • While prices are likely to break lower, analysts say AI remains a strong narrative and that could help FET price.
  • 96% of FET holders are in profit after the Fetch.ai price spiked more than 70% in February.

Fetch.ai has dipped to support levels at $0.45 early Thursday, with the price of the native FET mirroring the broader crypto market in trending lower.

Indeed, while Fetch.ai price printed a double-digit green candle on Monday, the Artificial Intelligence (AI) related token’s value is currently testing support near $0.45 with about 5% in losses on the day.

But the AI narrative remains a strong trend and is likely to see FET regain momentum and record fresh gains as those witnessed in the past few weeks. Data shows the FET/USD pair remains 70% up over the past 30 days.

Fetcha.ai price: What analysts say about FET amid the AI narrative

AI related tokens have in recent weeks outperformed in the market, particularly after global tech giants Microsoft and Google poured resources into the sector on the back of massive hype around OpenAI’s Chat GPT.

Fetch.ai price on the daily chart. Source: TradingView 

But could the narrative have run out of steam? According to crypto trader and analyst Cantering Clark, that’s unlikely. Specifically, the analyst says FET could yet see a fresh leg up as AI remains one of the hottest trends in the market.

As shown in the chart above, FET posted a breakout from a triangle pattern on the daily chart. Bulls nonetheless ran into a hurdle just above $0.48. While there’s likelihood of a distribution move, another analyst, Altcoin Sherpa, also thinks an uptrend is the more likely trajectory.

Fetch.ai whale activity, 96% FET holders in profit

Data also shows more than 96% of FET holders are in profit after recent gains as more people looked to buy FET. While having so many addresses in profit could play a part in potential profit taking deals, the in/out the money metric by IntoTheBlock also suggests nearly 99% are long term holders. 

Only 1% of FET is held by hands that bought the token in the past 1-12 months. 

In fact, on-chain analytics platform Santiment has also shared data showing whale activity for Fetch.ai has recently spiked.

On the downside, if sentiment across the wider market turns negative, bears can target the immediate demand zone around $0.38 and even go for $0.29.

The post Fetch.ai price prediction: FET still attractive amid AI narrative appeared first on CoinJournal.

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Polygon launches ZK-proofs powered ID solution for Web3

  • Polygon has launched Polygon ID, decentralised identity solution powered by zero-knowledge proofs.
  • The privacy-focused service offers 4 tools to help developers integrate digital ID solutions into applications.
  • Uses cases for Polygon ID include in KYC, e-commerce and passwordless login.

Polygon, the layer-2 scaling solution for Ethereum, has announced the open source of its decentralised identity service dubbed Polygon ID.

This latest Polygon news focuses on a development geared towards bringing digital trust in Web3 one step closer to reality, the Polygon Labs team said.  

As highlighted in a blog post, the zero-knowledge (ZK) proofs-powered solution will help ensure a “more equitable internet.” 

Zero-knowledge proofs digital ID for Web3

Polygon ID is privacy-focused solution that leverages the technology behind the Iden3 protocol and Circom ZK toolkit, Polygon Labs noted.

Per the platform, the decentralised ID service infrastructure comes with four tools designed to help developers build and deploy the best of self-sovereign, decentralised and private ID solutions. Polygon Labs tweeted:

“This Identity Infrastructure allows anyone to become an issuer, verifier, or holder of a Web3 identity. Off-chain data can now be used for trustless, on-chain verifications in a Verified Credential format.”

Polygon ID leverages the Iden3 protocol and Circom ZK toolkits, Web3 users able to verify identities without risking their other sensitive information.

The Polygon ID toolset includes a Verifier SDK, Wallet SDK, Issuer Node and Wallet App. Any developer building on Polygon can tap into these tools to integrate digital IDs into applications. The integration can be applied across use cases such as KYC implementation, passwordless logins and e-commerce onboarding.

Several projects have already integrated the ID solution, including IoT and blockchain firm Blockchain Lock, digital passport platform ‍Clique, Web3 game The Sandbox, P2P payments provider ‍DePay, Web3 infrastructure platform Kaleido and NFT wallet and aggregator Komet.

Polygon ID is available to the public almost a year after its introduction, while as reported, the Polygon zkEVM beta is scheduled to go live this March.

The post Polygon launches ZK-proofs powered ID solution for Web3 appeared first on CoinJournal.

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GMT price at risk as StepN monthly and daily users plunge

  • StepN is one of the biggest move-to-earn players in the industry.

  • The number of daily and monthly users has continued plunging.

GMT price has been in a steep sell-off in the past few weeks as concerns about the crypto industry and its utility remain. The Green Metaverse Token was trading at $0.40 on Thursday, which was lower than last month’s high of $0.6840. 

StepN statistics are disappointing

Move-to-earn is a technology that became popular in 2022 as companies like StepN and Sweatcoin became popular. It has merit considering that billions of people now own smartphones. Also, the blockchain technology has become popular.

However, on-chain data shows that StepN is not doing well at all. Data compiled by Dune Analytics shows that the network had just 42,965 users in February, down from the previous month’s 46,632. Unfortunately, the figure has been in a strong downward trend after it peaked at 705k in May last year.

Other figures are also not pleasing. For example, the number of daily active users in StepN has been falling after it peaked at over 100k last year. Now, the number of DAU has plunged to less than 6,000. New daily users have crashed to less than 300.

It is not clear why this has happened. A likely reason is that the hype surrounding StepN has just faded away. Another reason is that users are not motivated to use the platform because of the performance of the Green Satoshi Token (GST), which has plunged by more than 98% from the highest level on record.

This is a problem that most Web3 networks that pay their users using crypto go through. For example, many users of Brave browser have seen their Basic Attention Token (BAT) dwindle with the token down sharply from its all-time high.

GMT price prediction

The daily chart shows that the GMT crypto price has been in a bearish trend in the past few days. Along the way, it has formed a descending channel shown in black. It has moved slightly below the 25-day and 50-day moving averages. The price is also slightly above the important support level at $0.4212, the highest point on December 7. 

This descending channel seems like a falling wedge. Therefore, while its ecosystem has some major issues, we can’t rule out a situation where the coin makes a bullish breakout. If this happens, the next level to watch will be at $0.60.

How to buy StepN

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy GMT with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy GMT with KuCoin today

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