- Merger with OCEAN and AGIX, and Innovation Labs Announcement
- Technical Analysis of FET
- AI Tokens Dominance Forecast
FET has made a significant run-up after its merger with Internet Computer (CP) and Near Protocol (NEAR) was announced. The token last traded at $1.364, rising 9% in the past 24 hours and 67% over the past seven days.
Merger with OCEAN and AGIX, and Innovation Labs Announcement
Prior to this explosive growth, Fetch announced its merger with SingularityNET’s AGIX and Ocean Protocol’s OCEAN, transitioning to ASI. Starting July 1, 2024, project names and logos will be updated, $AGIX and $OCEAN deposits will close, and $FET deposits and trading will remain unaffected. The migration platform will open on the SingularityDAO dapp, and AGIX and OCEAN will start delisting from exchanges. The rising prices have also been linked to Fetch.ai's recent announcements, including opening a global Innovation Lab in San Francisco, California. These labs will enable early-stage startups to merge with developing AI agent solutions, with $10 million allocated annually to support these projects.
Technical Analysis of FET
Analyst Javon Marks predicts that FET is showing a 'Hidden Bullish Divergence' and could return to its all-time high of $3.485. He noted, '$FET confirms a Bullish Pattern in the form of Hidden Bullish Divergence, implying the recent pullback might be temporary and the prior uptrend continuation is possible.' Other analysts also believe FET could reach the upper high of $2.2 if bulls continue to dominate the market and push the price above $1.650. Otherwise, the price could fall to $1. These predictions are supported by MACD and SMA indicators.
AI Tokens Dominance Forecast
Overall, AI tokens are expected to dominate the crypto market ahead of Nvidia's (NVDA) earnings report on August 28. Over the years, NVDA has been a bellwether for the space, with analysts anticipating earnings of 65 cents per share (a 141% increase from the previous year) and a 113% rise in revenue to $28.72 billion. If these forecasts are realized, it would mark NVDA’s fifth consecutive quarter of triple-digit growth.
FET continues to attract the attention of investors and analysts due to its significant growth and potential further increase. AI tokens are expected to take leading positions amid growing interest in artificial intelligence and blockchain technologies.
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