cryptonewsland.com
- Fetch.ai, Ocean Protocol, and SingularityNET finalize the Artificial Superintelligence Alliance (ASI) merger.
- The merger creates a decentralized alternative to Big Tech-dominated AI projects.
- FET, currently at $1.59, could rally toward the $1.92 – $2.46 zone after bouncing from key support.
According to the post below, Fetch.ai’s (FET) current performance signals a huge potential for significant growth. The recent 28% surge positions FET as a top gainer in the crypto market, and the buzz surrounding it is palpable.
$FET is looking to get back to the $1.95 – $2.55 range.
— Quinten | 048.eth (@QuintenFrancois) June 21, 2024
After surging 600% in 6 weeks, it took quite a hit during the correction. The good news is, this was undiscovered territory (no strong support levels yet) and has now established some new levels.
It bounced nicely off… pic.twitter.com/HoX7ZhtCd4
The Merger Buzz
Analysts suggest that this sudden surge lies in the upcoming merger. FET is set to join forces with other AI tokens to form the Artificial Superintelligence Alliance (ASI).
The ASI merger combines FET with Ocean Protocol (OCEAN) and SingularityNET (AGIX), creating a powerful coalition in the AI crypto sphere. Also, recent advancements in AI technology by industry giants like Elon Musk’s xAI and Nvidia have had a positive ripple effect on AI-driven cryptocurrencies. Fetch.ai, being at the forefront of this trend, has reaped the benefits.
The Technical Picture
FET’s price currently hovers around $1.95, just below the critical support level of $1.96. This support has been tested multiple times and remains unbroken. Historically, significant gains have followed a bounce back from this level. If FET successfully breaches the $2.26 barrier, we could see a rally towards $2.46—a potential 25% increase.
While market sentiment is bullish, technical indicators paint a different picture. FET’s Relative Strength Index (RSI) on the 4-hour chart has reached 75, indicating overbought conditions. This suggests that investors might start taking profits, potentially leading to a price correction.
Additionally, some traders on major exchanges like Binance remain skeptical about FET’s long-term potential. Additionally, a recent warning about the delisting of the FET/USDT trading pair on Binance caused temporary volatility.