The Artificial Intelligence (AI) sector in the crypto space has enjoyed one of the most prominent rallies despite the debacle with OpenAI. The company behind ChatGPT fired one of its founders and CEO, Sam Altman, sparkling downside pressure for AI-based tokens, such as FET.
The native token for Fetch.ai, FET, has been trending to the upside following the general market sentiment. Over the past month, the cryptocurrency recorded a 160% rally, and it’s poised for further profits as it breaches critical resistance levels.OpenAI Controversy Adds Fuel For FET’s Rally
Data from Coingecko indicates that FET’s bullish momentum took a hit last week as news about Sam Altman leaving OpenAI broke. The token has been moving with any development from the broader AI sector, and the uncertainty surrounding this company has impacted its performance on low timeframes.FET Rally Could End In Massive Correction
Our Editorial Director and analyst, Tony Spilotro, has been bullish on FET’s trajectory. The analyst believes FET could rise 2x to 4x before losing steam and re-visiting support.(…) its safe more than likely to buy FET at such levels, so long as you have a plan to get out before the next 70+% correction happens. Otherwise, price could retrace back to your entry here. Be smart and don’t expect the rally to go on forever.Today, Microsoft the hiring of Sam Altman to spearhead a new AI division. The company will commit to providing resources for the new division, which could ignite a new bull era for AI and AI-based tokens. Cover image from Unsplash, chart from Tradingview