The now-rebranded Fetch.AI (FET) has bounced back to the $1.4 price range amid a market recovery and is currently testing the $1.5 resistance level. Over the weekend, the AI token saw nearly a 40% recovery and seems poised for a breakout.
Market Impact and Predictions
Market watchers have predicted both short-term and long-term targets for the token following the Artificial Superintelligence Alliance (ASI) token merger.
FET’s Price Drop and Recovery
This month, the Artificial Superintelligence Alliance started phase 1 of the ASI token merger process. The rebranding involved changing Fetch.AI’s name and logo to the Alliance’s. Although FET updated its supply and market cap, it temporarily retained its ticker.
Phase 1 began with delisting Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto platforms. However, exchanges like Kraken and Coinbase announced they would not support the migration process.
Following the rebrand, FET’s price dropped by nearly 10%, despite surpassing other AI tokens like Render (RNDR) and becoming the 27th largest cryptocurrency by market cap. The token lost the $1.4 support zone, falling to $1.2 before reclaiming $1.3. The broader market retrace dragged FET’s price below $1.1, a level not seen since February, representing a 26% decline from its Q3 opening price of $1.45.
Recent Surge and Future Outlook
As the market recovered from the July retrace, FET surged 38.7% over the weekend. The AI token rose from $1.11 and reclaimed the $1.4 support zone on Monday. Analysts noted FET’s steady recovery, suggesting the token maintained a bullish pattern and could potentially achieve a 3X performance.
On Thursday, World of Charts highlighted FET’s recent price action, noting that the token is breaking out of a falling wedge pattern and could see a “massive bullish wave” towards $5 in the coming days. Crypto analyst Posty shared a similar view, stating that the AI token is “looking much better” and could break out of the falling wedge pattern, emphasizing that reclaiming the $1.75 resistance level is crucial for further gains.
Another analyst believes that closing above the $1.7 mark will propel the price to a new all-time high (ATH). According to the post, breaking out of the three-month downtrend line could see FET soar to $13 after the ASI token merger.
Conclusion
In the last 24 hours, FET surged 12%, hitting $1.54. The AI token has seen a 25% and 18% surge in weekly and monthly timeframes, respectively. Fetch.AI price analysis suggests a potential breakout as the token continues its upward trend.
