Renamed Fetch.AI (FET) has regained the $1.40 price range amid market recovery and is now testing the $1.50 resistance level. Over the weekend, the AI token rebounded nearly 40%, signaling potential readiness for a breakout.
Market analysts have projected short- and long-term targets for FET following the Artificial Superintelligence Alliance (ASI) token merger.
FET Drops 23% Amid Market Pullback
This month, the Artificial Superintelligence Alliance initiated Phase 1 of the ASI token merger process. The transition began with rebranding Fetch.AI’s name and logo to the alliance’s identity. FET also updated its supply and market cap but retained its ticker temporarily. Phase 1 involved delisting Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto exchanges. However, platforms like Coinbase announced they would not support the migration.
Post-rebranding, FET’s price dipped nearly 10%, despite outperforming other AI tokens like Render (RNDR) and becoming the 27th-largest cryptocurrency by market cap.
The token fell below the $1.40 support zone, hitting $1.20 before recovering to $1.30. A broader market downturn later dragged FET under $1.10—a level unseen since late February—marking a 26% drop from its Q3 opening price of $1.45.
ASI Token Merger Update Next Week
As markets rebound from July’s pullback, FET surged 38.7% over the weekend, climbing from $1.11 to reclaim the $1.40 support level by Monday. Observers highlight FET’s steady recovery, noting a bullish pattern that could propel a 3x performance.
On Thursday, World of Charts pointed to FET’s recent price action, identifying a breakout from a descending wedge pattern. The analyst predicts a "massive bullish wave" could soon push the token to $5.
Crypto analyst Posty echoed this sentiment, stating FET "looks much better here" and may soon break its descending wedge. However, he emphasized that reclaiming the $1.75 resistance is critical for further gains. Similarly, another analyst suggested that closing above $1.70 could drive FET to a new all-time high (ATH). According to their analysis, breaking the three-month downtrend line might propel FET to $13 post-ASI merger.
The ASI Alliance announced an X Space event on July 22 with Fetch.ai CEO and ASI Chairman Humayun Sheikh to discuss updates.
The crypto community reacted positively, expressing excitement for Phase 2 of the ASI merger, which includes launching ASI and migrating FET tokens to the new asset.
FAQs
1. What is the ASI token merger?
The ASI token merger unites Fetch.AI (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) under a single ecosystem to advance decentralized AI development.
2. Why did FET drop after the rebrand?
Despite outperforming peers, FET faced a 10% decline due to broader market volatility and exchange delistings of OCEAN and AGIX.
3. What are FET’s price targets post-merger?
Analysts project short-term targets of $5 and long-term potential up to $13 if key resistance levels are breached.
4. Which exchanges support the ASI migration?
While some platforms like Coinbase opted out, others will facilitate the transition. Users should check official announcements for updates.
5. When does Phase 2 of the merger begin?
Phase 2, including ASI’s official launch and token migration, is expected after the July 22 X Space event.
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