Can Fetch.ai Crypto Turn Bullish Amid Three AI Tokens Merger?

• 1 The merger of Fetch.ai crypto with OCEAN and AGIX is set to happen from July 1st, 2024. 
• 2 A major crypto exchange Coinbase has opted to stay out of the automated merger process.
• 3 The daily chart reveals the formation of an interesting pattern, the breakout of which may mark the end of a correction phase. 

Fetch.ai crypto lost over 12% of the gains intraday after a sharp 50% recovery in the one week. FET rebounded from the $1.15 level and jumped higher, reclaiming bullish territory above the 200 day EMA. 

The price surge could be explained by the merger of FET with Ocean Protocol (OCEAN) and SingularityNET (AGIX) which is slated to happen July 1st. Notably, Coinbase opted to stay out of the automated merger process.  

At the time of writing, Fetch.ai crypto was hovering at $11.63, recording a 11.56% decline in intraday. It ranked 62nd in the broader market with a live market capitalization of $1.32 Billion. 

Coinbase Opts to Stay Out of the Automated Merger Process

While most of the exchanges agreed to participate in the automated merger process of FET, OCEAN and AGIX tokens, Coinbase opted out. OCEAN and AGIX holders need to withdraw their tokens to Coinbase wallets to swap the assets.

However, on the positive side, Fetch.ai planned to keep the token conversion window open for a long duration ensuring that token holders have ample time to manage their assets.

For those who have staked FET or are providing liquidity, there’s no immediate action required. Their assets will be seamlessly transitioned to ASI during the second phase of the merger process.

The recent announcement created uncertainty among users as some users may prefer to square off their holdings instead of swapping. It may leave a negative impact on the FET token’s price. 

Notably, Binance did not opt out of the merger. 

Ftech.ai Illustrates the Formation of an Interesting Channel Pattern!

The Fetch.ai price has climbed nearly 50% in the last one week, however, a sharp selloff was noted which has erased nearly 12% of the gains intraday. From a price point of view, the daily chart revealed the formation of a declining channel pattern. 

Recently, the price rebounded from the lower boundary of the channel and could continue to gather strength till the higher boundary of the channel. It suggested a potential rise of nearly 20% towards the $1.95 level. 

At the time of writing, the RSI line was placed close to the mean line at 46.02 points and that of the 14 day SMA line was at 37.92 points. Both the lines were headed upwards and a bullish crossover was observed. 

Looking Ahead

Fetch.ai crypto (FET) lost over 12% of its gains after a recovery of nearly 50% in a week. The price rebounded from $1.15, surpassing the 200-day EMA, indicating bullish momentum. The has bee attributed to the upcoming merger with Ocean Protocol (OCEAN) and SingularityNET (AGIX), set for July 1. 

Furthermore, a major crypto exchange Coinbase decided to opt out of this merger triggering uncertainty, potentially affecting FET negatively. Binance supports an automated merger. From a technical outlook, FET shows a potential 20% increase towards $1.95, with RSI and SMA trends suggesting the bullish trend could extend.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.