Fetch.ai’s FET Token Faces Notable Drop Amid ASI Token Merger Hype
- FET and AGIX prices drop despite the upcoming ASI token merger announcement.
- Fetch.ai’s FET trading volume surged 36% despite a recent price decline.
- Market analyst Sherpa sees potential for AGIX to rally past its 200 EMA.
Discover the latest developments in the crypto market as FET and AGIX face price declines even with an exciting new ASI token merger on the horizon.
FET and AGIX Price Declines Amid ASI Token Merger Announcement
Fetch.ai (FET) announced on Wednesday that its much-anticipated ASI token merger with Ocean Protocol (OCEAN) and SingularityNET (AGIX) is set to begin on July 1st. This two-phase process had initially captured significant market attention. However, despite the initial excitement, both FET and AGIX prices have experienced considerable downturns post-announcement.
Verification of Market Trends Amid Price Slump
As of the latest update, Fetch.ai is trading at $1.64, marking a 3.95% decrease from the previous day. Ocean Protocol’s price also fell by 3.1% to $0.6544, while SingularityNET saw a 4.89% drop to $0.6715, according to CoinMarketCap. Interestingly, despite these price decreases, FET’s trading volume surged by over 36% within the last 24 hours, reaching $297.216 million. This suggests sustained robust trading activity, indicating resilience amidst price volatility.
Analyzing FET’s Recent Market Performance
Fetch.ai’s FET token had previously surged to a new peak of $1.84, beating its earlier high of $1.74 set on June 20. However, this upward trajectory was short-lived, reflecting a 28% decline over the last month and a 4% dip over the past week. This downward movement has also impacted FET’s market capitalization, which now stands at $1.389 billion, showing a 3.95% decrease.
Current Trading Insights and Future Projections
According to data from TradingView, if the bearish trend for FET continues, the asset may find support at the $1.065 level. A fall below this threshold could trigger further declines, potentially taking the price down to its February low of $0.51. This shows a critical juncture for the token, as traders await further market developments and strategic moves by Fetch.ai to bolster investor confidence.
Conclusion
In summary, despite the initial buzz following the ASI token merger announcement involving Fetch.ai, Ocean Protocol, and SingularityNET, the prices of FET and AGIX have seen notable declines. However, the increased trading volume for FET suggests continued interest and activity in the market. Moving forward, market participants will be closely watching for any strategic initiatives that could help these tokens regain their upward momentum.
