FET Surges 12% Ahead Of ASI Token Merger Phase 2, Can It Hit $5?

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As a seasoned cryptocurrency analyst with over a decade of experience in the industry, I have seen my fair share of market fluctuations and mergers. The recent performance of Fetch.AI (FET) has piqued my interest due to its resilience during the market retracement and subsequent recovery.

Fetch.AI’s rebranded token, FET, has returned to the $1.4 price range following market recuperation. At present, it is attempting to surmount the $1.5 resistance level. Over the weekend, there was a nearly 40% price rise in FET, signaling potential for a breakthrough.

Experts have projected both short-term and long-term price goals for the token following the merger announcement by the Artificial Superintelligence Alliance (ASI).

FET Drops 23% Amid Market Retrace

This month, I’ve observed the commencement of phase 1 in the ASI token merger process led by the Artificial Superintelligence Alliance. The initiation involved a rebranding of Fetch.AI’s name and logo to align with the Alliance’s identity. Concurrently, FET underwent updates in its supply and market capitalization figures. However, it retained its ticker symbol for now.

In the initial stage, Ocean Protocol (OCEAN) and SingularityNET (AGIX) were removed from various cryptocurrency trading sites. Yet, Kraken and Coinbase declared their unwillingness to facilitate the migration procedure.

After undergoing a rebranding process, the price of FET decreased by approximately 10%. Despite this, FET outpaced other AI-focused tokens such as Render (RNDR) and entered the top 27 positions in terms of market capitalization.

In the given period, the value of the token slipped from the $1.4 support level and dropped to the $1.2 price range. The broader market’s correction pulled FET‘s price below $1.1, a price point not reached since late February. This decline amounted to a significant 26% drop from its Q3 starting price of $1.45.

ASI Token Merger Update Next Week

After experiencing a setback in July, the FET market bounced back strongly, resulting in a 38.7% price increase for the token over the weekend. The AI token moved from its $1.11 base price and regained the $1.4 support level on Monday. Several market analysts noted FET’s consistent upward trend, implying that the token was continuing to display bullish behavior and potentially aiming for a threefold increase in value.

Thursdays’s analysis by World of Charts highlighted the recent price trend of FET. According to their take, this cryptocurrency token is presently escaping from a descending triangle formation, predicting a significant bullish surge toward $5 in the ensuing period.

Crypto analyst Posty shared a similar opinion with his X followers. In the post, Posty claimed that the AI token is “looking much better here” and it’s potentially about to break out of the falling wedge pattern. However, he stated that reclaiming the $1.75 resistance level is key for a further uptick.

As an analyst, I’d like to share my perspective on the potential price movement of FET based on recent market trends. According to current analysis, surpassing the $1.7 resistance level may trigger a new all-time high (ATH) for the token. Furthermore, if the downtrend line from the past three months is broken, FET could potentially reach a price as high as $13 following the ASI token merger.

On July 22, Fetch.ai’s CEO and ASI’s chairman, Humayun Sheikh, will join the ASI alliance for a session in X Space to share the recent developments.

The cryptocurrency world reacted favorably to the announcement of ASI’s token merger Phase 2. Enthusiasm abounded as this stage involved not only the debut of ASI, but also the transition of FET tokens into fresh ones.

Over the past day, the price of FET experienced a notable increase of 12%, reaching a peak at $1.54. In the context of the last week, the AI token has undergone a significant growth spurt of 25%. Similarly, over the course of the previous month, there was an impressive rise of 18% observed in the price of the AI token.

FET Surges 12% Ahead Of ASI Token Merger Phase 2, Can It Hit $5?

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2024-07-18 10:32