beincrypto.com
The Fetch.ai (FET) price is observing one last blow as the altcoin prepares for its end ahead of the formation of the Artificial Superintelligence Alliance (ASI).
FET, AGIX (SingulairtyNET), and OCEAN (Ocean Protocol) are expected to collaborate next month, resulting in the dissolution of these three tokens.
Fetch.ai Investors Show No Bullish Signs
Expecting a rally or recovery in Fetch.ai’s price is pointless since the token will cease to exist within a month. As FET becomes ASI along with OCEAN and AGIX, the token holders don’t see much incentive as of now.
However, until the collaboration takes place, the altcoin is still subjected to broader market cues, which could result in a consolidation. The investors, too, will likely not do much to change this.
Following the recent decline that brought FET down from $2.2 to $1.2, the conviction took a hit. Mean Coin Age marked a sharp drop, which is now turning into an uptick. The former is an indication of token movement among addresses, while the latter suggests HODLing.
However, even if the investors are HODLing, they are not too impressed by the current market conditions. Their sentiment towards FET remains bearish still, with the intensity even reaching yearly lows.
The weighted sentiment indicator at a point this low was last seen back in July 2023.
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This bearishness, coupled with the bullishness arising from FET HODLing, paints a bearish-neutral outlook.
FET Price Prediction: Sideways Going Ahead
Given the aforementioned cues, Fetch.ai’s price at $1.2 will likely consolidate going forward. The potential limits of this sideways momentum will be $1.7 and $1.0.
These levels have been tested as supportive in the past and resistant more recently. Thus, until the ASI formation takes place in July, the altcoin will remain stuck in these limits.
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But if the volatility of the crypto market graces FET, an uptick in price can be expected. If this leads to a breakout from the upper limit of the consolidation, the bearish-neutral thesis would be invalidated.