The now renamed Fetch.AI (FET) regained the $1.4 price range during the market recovery and is currently testing the $1.5 resistance level. Over the weekend, the AI token experienced a recovery of almost 40% and appears to be preparing for a breakout.
Market watchers have predicted short- and long-term goals for the token following the Artificial Superintelligence Alliance (ASI) token merger.
FET drops 23% amid market downturn
This month, the Artificial Superintelligence Alliance initiated phase 1 of the ASI token merger process. The process started by changing the name and logo from Fetch.AI to that of the Alliance. Additionally, FET updated its offering and market cap, but temporarily kept its ticker.
Phase 1 began with the delisting of Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto trading platforms. However, several exchanges, including Kraken and Coinbase, announced that they would not support the migration process.
After the rebrand, FET’s price fell by almost 10%, despite flipping other AI tokens such as Render (RNDR) and becoming the 27th largest cryptocurrency by market cap.
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 pullback pushed FET’s price below $1.1, a level not seen since late February. This performance represented a 26% decline from the opening price of $1.45 in the third quarter.
ASI Token Merger Update next week
As the market recovered from the July setback, the FET rose 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 the FET’s steady recovery, suggesting the token maintained a bullish pattern and looked poised to make a three-fold performance.
On Thursday, World of Charts pointed out FET’s recent price action. For the analyst, that’s what the token is break out of a falling wedge pattern and expects a “huge bullish wave” towards $5 in the coming days.
Crypto analyst Posty shared a similar opinion with his X followers. In the mail, Posty claimed that the AI token “looks a lot better here” and may be on the verge of breaking the falling wedge pattern. However, he stated that regaining the $1.75 resistance level is the key for a further rebound.
So did another analyst believes closing above $1.7 will push the price to a new all-time high (ATH). According to the post, breaking the three-month downtrend line could see FET rise to $13 after the ASI token merger.
The ASI Alliance announced it will host an X Space session on July 22 with Fetch.ai CEO and ASI Chairman Humayun Sheikh to discuss the latest updates.
The crypto community received the news positively and expressed excitement about ASI’s token merger Phase 2. This phase includes the launch of ASI and the migration of FET tokens to new tokens.
In the last 24 hours, the FET rose 12% and reached the $1.54 mark. The AI token has seen increases of 25% and 18% in the weekly and monthly time frames.
