- FET and AGIX costs fall regardless of the upcoming ASI token merger announcement.
- Fetch.ai's FET commerce quantity elevated by 36% regardless of the latest worth drop.
- Market analyst Sherpa sees potential for AGIX to interrupt above its 200 EMA.
Fetch.ai (FET) revealed on Wednesday that its long-awaited ASI token merger with Ocean Protocol (OCEAN) and SingularityNET (AGIX) will start on July 1st.
Nonetheless, the preliminary pleasure surrounding this two-phase course of appears to have died down, as each FET and AGIX costs noticed important declines following the announcement.
At press time, Fetch.ai was buying and selling at $1.64, down 3.95% from the day gone by. Ocean Protocol and SingularityNET additionally fell equally, with OCEAN down 3.1% to $0.6544 and AGIX down 4.89% to $0.6715, based on CoinMarketCap.
Fetch.ai Value Evaluation
Lately, the FET token jumped to a brand new excessive of $1.84, eclipsing its earlier excessive of $1.74 set on June 20. Nonetheless, this upward momentum was short-lived because the token has since plunged, reflecting a 28% drop over the previous month and a 4% decline over the previous week.
FET/USD 1-day chart (supply: CoinMarketCap)
This downward development additionally affected FET's market capitalization, which fell by 3.95% to $1.389 billion. Apparently, regardless of the worth drop, FET buying and selling quantity elevated by over 36% within the final 24 hours to achieve $297.216 million. This means that whereas the FET worth could also be unstable, there stays sturdy buying and selling exercise and curiosity within the token.
Key FET ranges to look at
In keeping with information from TradingView, if FET's bearish development continues, the asset might discover assist at $1.065. Furthermore, a drop under this level may result in additional declines and doubtlessly attain the February low of $0.51.
24 hour chart of FET/USD (supply: TradingView)
However, Altcoin market analyst Sherpa predicts important resistance for FET across the $1.90 mark. Sherpa's evaluation suggests {that a} break above this resistance may set the stage for a rally, with FET aiming for a goal of $2.49.
Such a transfer would sign a bullish reversal, doubtlessly attracting extra buyers and driving the worth increased, difficult its all-time excessive of $3.8 reached on March 28.
AGIX Token Efficiency
Much like FET, the AGIX token additionally skilled a major decline, falling by greater than 27% on the month-to-month chart. Its market capitalization and buying and selling quantity have additionally declined considerably, reflecting a scarcity of investor confidence.
1-day chart of AGIX/USD (supply: CoinMarketCap)
At press time, AGIX's intraday market capitalization was $864.607 million, down 4.83%, whereas its 24-hour buying and selling quantity fell 9.34% to $96.103 million.
Potential for a bullish reversal
Regardless of the prevailing detrimental sentiment surrounding the AGIX token, market analyst Sherpa stays bullish on its potential upward trajectory, particularly with upcoming migration occasions on the horizon.
Sherp's evaluation exhibits that AGIX is presently hovering across the 200 exponential shifting common. If it had been to interrupt this vital stage, it may ignite a bull rally, shoot the worth increased and reignite investor confidence within the challenge.
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