The now-rebranded Fetch.AI (FET) regained the $1.4 price range amid the market recovery and is currently testing the $1.5 resistance level. Over the weekend, the AI token saw a nearly 40% recovery and seems to be preparing for a breakout.
Market watchers have predicted short and long-term targets for the token after the Artificial Superintelligence Alliance (ASI) token merger.
FET Drops 23% Amid Market Retrace
This month, the Artificial Superintelligence Alliance kicked off phase 1 of the ASI token merger process. The process began with rebranding Fetch.AI’s name and logo to the Alliance’s. Additionally, FET updated its supply and market capitalization but momentarily kept its ticker.
Phase 1 began with delisting Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto trading platforms. However, several exchanges, including Kraken and Coinbase, announced they would not support the migration process.
Following the rebrand, FET’s price dropped by nearly 10% despite flipping other AI tokens like Render (RNDR) and becoming the 27th largest cryptocurrency by market capitalization.
At the time, the token lost the $1.4 support zone and fell to the $1.2 price range before reclaiming the $1.3 mark. The broader market retrace dragged FET’s price below $1.1, a level not seen since late February. This performance represented a 26% decline from its Q3 opening price of $1.45.
ASI Token Merger Update Next Week
As the market recovered from the July retrace, FET surged 38.7% over the weekend. The AI token rose from the $1.11 price level and reclaimed the $1.4 support zone on Monday. Some market watchers highlighted FET’s steady recovery, suggesting that the token maintained a bullish pattern and seemed poised to make a 3X performance.
On Thursday, World of Charts pointed out FET’s recent price action. To the analyst, the token is breaking out of a falling wedge pattern and expects a “massive bullish wave” towards $5 in the following days.
Crypto analyst Posty shared a similar opinion with his X followers. In the post, Posty claimed that the AI token is “looking much better here” and it’s potentially about to break out of the falling wedge pattern. However, he stated that reclaiming the $1.75 resistance level is key for a further uptick.
Similarly, another analyst believes closing above the $1.7 mark will propel the price to a new all-time high (ATH). Per the post, breaking out of the three-month downtrend line could make FET soar to $13 after the ASI token merger.
The ASI alliance announced it will host an X Space session on July 22 with Fetch.ai’s CEO and ASI’s chairman, Humayun Sheikh, to discuss the latest updates.
The crypto community received the news positively, expressing excitement about ASI’s token merger Phase 2. This phase includes the launch of ASI and migrating FET tokens to new tokens.
In the last 24 hours, FET surged 12%, hitting the $1.54 mark. The AI token has seen a 25% and 18% surge in the weekly and monthly timeframes.
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