tl;dr
Despite the upcoming ASI token merger, Fetch.ai (FET) and SingularityNET (AGIX) prices have dropped. FET's trading volume surged by 36% despite the decline. Market analyst Sherpa sees potential for AGIX to rally past its 200 EMA. The ASI token merger with Ocean Protocol and SingularityNET will comme...
FET and AGIX prices drop despite the upcoming ASI token merger announcement.
Fetch.ai’s FET trading volume surged 36% despite a recent price decline.
Market analyst Sherpa sees potential for AGIX to rally past its 200 EMA.
Fetch.ai (FET) revealed on Wednesday that its long-awaited ASI token merger with Ocean Protocol (OCEAN) and SingularityNET (AGIX) will commence on July 1st. Despite the upcoming ASI token merger, Fetch.ai (FET) and SingularityNET (AGIX) prices have dropped. FET's trading volume surged by 36% despite the decline. Market analyst Sherpa sees potential for AGIX to rally past its 200 EMA. The ASI token merger with Ocean Protocol and SingularityNET will commence on July 1st. However, FET and AGIX prices have significantly declined following the announcement. At press time, Fetch.ai was trading at $1.64, down 3.95%. Ocean Protocol and SingularityNET have also declined, with OCEAN falling 3.1% to $0.6544 and AGIX decreasing 4.89% to $0.6715, according to CoinMarketCap.
FETCH.AI PRICE ANALYSIS
Recently, the FET token surged to a new peak of $1.84, eclipsing its previous high of $1.74 set on June 20. However, this upward momentum was short-lived as the token has since tumbled, reflecting a 28% decline over the past month and a 4% drop in the last week.
FET/USD 1-Day Chart (Source: CoinMarketCap )
This downward trend also impacted FET’s market capitalization, which has fallen by 3.95% to $1.389 billion. Interestingly, despite the price dip, FET’s trading volume surged by over 36% in the last 24 hours, reaching $297.216 million. This suggests that, while FET’s price may be volatile, there remains robust trading activity and interest in the token.
FET KEY LEVELS TO WATCH
According to data from TradingView, if the bearish trend in FET continues, the asset may find support at the $1.065 level. Moreover, a drop below this point could lead to further declines, potentially reaching the February low of $0.51.
FET/USD 24-Hour Chart (Source: TradingView )
On the other hand, market analyst Altcoin Sherpa foresees significant resistance for FET around the $1.90 mark. Sherpa’s analysis suggests that surpassing this resistance could set the stage for a rally, with FET aiming for the $2.49 target.
AGIX TOKEN PERFORMANCE
Similar to FET, the AGIX token has also experienced a substantial decline, falling by over 27% on the monthly chart. Its market capitalization and trading volume have also decreased significantly, reflecting a lack of investor confidence.
AGIX/USD 1-Day Chart (Source: CoinMarketCap )
At press time, AGIX’s intraday market capitalization stands at $864.607 million, marking a 4.83% dip, while its 24-hour trading volume has declined by 9.34% to $96.103 million.
POTENTIAL FOR A BULLISH REVERSAL
Despite the prevailing negative sentiment surrounding the AGIX token, market analyst Sherpa remains optimistic about its potential upward trajectory, especially with the upcoming migration events on the horizon. Sherpa’s analysis indicates that AGIX is currently hovering around the 200 exponential moving average. Should it break through this critical level, it could ignite a bullish rally, driving the price higher and rekindling investor confidence in the project.
More about Forum Energy Technologies Inc
Forum Energy Technologies Inc,Forum Energy Technologies, Inc. designs, manufactures, and distributes products for the oil and natural gas industry in the United States and internationally. The company is headquartered in Houston, Texas.
Sector: TECHNOLOGY
Industry: OIL & GAS FIELD MACHINERY & EQUIPMENT
Market Cap: 205.26B
Dividend Yield: None
Beta (5Y Monthly): None
Price Change: -2.36
Price Change (%) : 70.19
Revenue: -0.0342
Volume: 752.29M
Shares: 30M
Earnings: -0.578
P/E Ratio: 0.071