Is the ASI Token Merger a Purchase the Rumor, Promote the Information Occasion?

• FET and AGIX costs drop regardless of the upcoming ASI token merger announcement.
• Fetch.ai’s FET buying and selling quantity surged 36% regardless of a latest worth decline.
• Market analyst Sherpa sees potential for AGIX to rally previous 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 seems to have subsided, as each FET and AGIX costs have skilled 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. Equally, Ocean Protocol and SingularityNET have additionally declined, with OCEAN falling 3.1% to $0.6544 and AGIX reducing 4.89% to $0.6715, in line with CoinMarketCap.

Fetch.ai Worth Evaluation

Just lately, the FET token surged to a brand new peak 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 tumbled, reflecting a 28% decline over the previous month and a 4% drop within the final week.

FET/USD 1-Day Chart (Supply: CoinMarketCap)

This downward development additionally impacted FET’s market capitalization, which has fallen by 3.95% to $1.389 billion. Curiously, regardless of the value dip, FET’s buying and selling quantity surged by over 36% within the final 24 hours, reaching $297.216 million. This implies that, whereas FET’s worth could also be unstable, there stays sturdy buying and selling exercise and curiosity within the token.

FET Key Ranges to Watch

Based on information from TradingView, if the bearish development in FET continues, the asset might discover help on the $1.065 stage. Furthermore, a drop under this level might result in additional declines, probably reaching the February low of $0.51. 

FET/USD 24-Hour Chart (Supply: TradingView)

However, market analyst Altcoin Sherpa foresees important resistance for FET across the $1.90 mark. Sherpa’s evaluation means that surpassing this resistance might set the stage for a rally, with FET aiming for the $2.49 goal.

Such a transfer would sign a bullish development reversal, probably attracting extra traders and driving the value larger, presumably difficult its all-time excessive of $3.8, achieved on March 28.

AGIX Token Efficiency

Just like FET, the AGIX token has additionally skilled a considerable decline, falling by over 27% on the month-to-month chart. Its market capitalization and buying and selling quantity have additionally decreased considerably, reflecting a scarcity of investor confidence. 

AGIX/USD 1-Day Chart (Supply: CoinMarketCap)

At press time, AGIX’s intraday market capitalization stands at $864.607 million, marking a 4.83% dip, whereas its 24-hour buying and selling quantity has declined by 9.34% to $96.103 million.

Potential for a Bullish Reversal

Regardless of the prevailing unfavourable sentiment surrounding the AGIX token, market analyst Sherpa stays optimistic about its potential upward trajectory, particularly with the upcoming migration occasions on the horizon.

Sherpa’s evaluation signifies that AGIX is presently hovering across the 200 exponential transferring common. Ought to it break by means of this important stage, it might ignite a bullish rally, driving the value larger and rekindling investor confidence within the challenge.