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The Fetch.ai price plummeted 4% in the last 24 hours and 24% in a week to trade at $1.60 as of 00:46 a.m. EST on trading volume that surged 59% to $190 million.
This comes as the Fetch.ai, Ocean Protocol, and SingularityNET merger takes effect on June 13, and the $FET token is renamed to $ASI on June 11. This marks the creation of a single network, enabling $ASI’s utilization across all three platforms.
ASI Logo Revealed
This emblem symbolizes the token merger of @SingularityNET @Fetch_ai and @OceanProtocol, representing the unity of our strengths and the dawn of a new era in AI.
By combining our resources, we're creating a force to challenge big tech's control over AI… pic.twitter.com/locvoE02AL
— Artificial Superintelligence Alliance (@ASI_Alliance) June 9, 2024
ERC-20 token swaps from $FET to $ASI will commence on June 11, followed by $AGIX and $OCEAN on June 13, facilitated through a secure migration contract.
Despite the merger anticipation, the Fetch.ai price has been on a downtrend since the end of May, dropping within the falling wedge pattern. The general bearish pattern intensified, with FET dropping below the lower boundary of the falling wedge pattern, according to data from GeckoTerminal.
However, the bulls are aiming to use the $1.56 support level to stage a trend reversal, aiming to use the merger as a factor that could drive investors to buy.
Fetch.ai Price Set For a Trend Reversal Towards The Falling Wedge
The Fetch.ai price is on a strong bearish trend, trading below both the 50-day and 200-day Simple Moving Averages (SMAs).
Moreover, the Relative Strength Index (RSI) on the 4-hour chart indicates intense selling pressure, with the sellers having an upper hand, as the RSI drops below the 30-oversold levels, currently at 29.
The Fetch.ai price analysis shows that FET is on a sustained bearish trend. If the bears continue with this trend, FET may retrace further to the support zone around $1.52, acting as a cushion against downward pressure.
However, the bulls may take the current downtrend as the perfect position to buy, with the RSI opening up a space for a buyback. In such a scenario, the bulls could push the token towards the lower boundary of the falling wedge, currently targeting $1.9, which coincides with the 50-day SMA.
Meanwhile, other traders are buying $WAI, the new dog-themed meme coin that combines two of the hottest niches in crypto: AI and meme coins.
WienerAI Presale Blasts Past $5.3 Million – Best Meme Coin To Buy Now?
WienerAI (WAI) is surpassing expectations, having already amassed over $5.3 million in its presale. WeinerAI is part dog, part sausage, and part AI trading bot.
This is getting WILD
SO happy to be on this journey with you all
SO MUCH MORE AHEAD 🌭🤖 pic.twitter.com/kWq22xWfSw
— WienerAI (@WienerDogAI) June 3, 2024
The project has recently added a trading bot that is set to be an investment partner that is designed to give holders a utility they have long searched for in crypto markets. The project uses predictive technology and a user-friendly interface, which provides users with advice on when to buy and sell crypto.
UPGRADE your trading strategy.
The WienerAI Trading Bot will be your trusted trading companion, leveraging AI to make savvy and predictive moves in a dynamic market. pic.twitter.com/uYCRAWRd2N
— WienerAI (@WienerDogAI) June 1, 2024
WienerAI has similarities with Scotty the AI (SCOTTY), another recent presale that amassed over $10 million in funds raised.
WAI token holders can also earn passively through the platform’s staking option, which offers an annual percentage yield (APY) of 208%.
99Bitcoins, a prominent crypto channel on YouTube with over 700,000 subscribers, says that $WAI could potentially soar 100X after its launch.
You can be part of the presale by buying WAI tokens for $0.000717 each. But hurry, as the price will increase in less than 33 hours.
You can buy WAI tokens on the official website here using ETH, BNB, USDT, or a bank card.
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