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

Rubmar Garcia

Last Updated: July 18, 2024 7:00 am

3 mins read

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The now-rebranded Fetch.AI (FET) regained the $1.4 price range amid the market recovery and is currently testing the $1.5 resistance level. Over the weekend, the AI token saw a nearly 40% recovery and seems to be preparing for a breakout.

Market watchers have predicted short and long-term targets for the token after the Artificial Superintelligence Alliance (ASI) token merger.

FET Drops 23% Amid Market Retrace

This month, the Artificial Superintelligence Alliance kicked off phase 1 of the ASI token merger process. The process began with rebranding Fetch.AI’s name and logo to the Alliance’s. Additionally, FET updated its supply and market capitalization but momentarily kept its ticker.

Phase 1 began with delisting Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto trading platforms. However, several exchanges, including Kraken and Coinbase, announced they would not support the migration process.

Following the rebrand, FET’s price dropped by nearly 10% despite flipping other AI tokens like Render (RNDR) and becoming the 27th largest cryptocurrency by market capitalization.

At the time, the token lost the $1.4 support zone and fell to the $1.2 price range before reclaiming the $1.3 mark. The broader market retrace dragged FET’s price below $1.1, a level not seen since late February. This performance represented a 26% decline from its Q3 opening price of $1.45.

ASI Token Merger Update Next Week

As the market recovered from the July retrace, FET surged 38.7% over the weekend. The AI token rose from the $1.11 price level and reclaimed the $1.4 support zone on Monday. Some market watchers highlighted FET’s steady recovery, suggesting that the token maintained a bullish pattern and seemed poised to make a 3X performance.

On Thursday, World of Charts pointed out FET’s recent price action. To the analyst, the token is breaking out of a falling wedge pattern and expects a “massive bullish wave” towards $5 in the following days.

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.

Similarly, another analyst believes closing above the $1.7 mark will propel the price to a new all-time high (ATH). Per the post, breaking out of the three-month downtrend line could make FET soar to $13 after the ASI token merger.

The ASI alliance announced it will host an X Space session on July 22 with Fetch.ai’s CEO and ASI’s chairman, Humayun Sheikh, to discuss the latest updates.

The crypto community received the news positively, expressing excitement about ASI’s token merger Phase 2. This phase includes the launch of ASI and migrating FET tokens to new tokens.

In the last 24 hours, FET surged 12%, hitting the $1.54 mark. The AI token has seen a 25% and 18% surge in the weekly and monthly timeframes.

FET, Fetch.ai, FETUSDT, ASI — FET is trading at $1.53 in the three-day chart. Source: FETUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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