Fetch.ai (FET) Fails to Sustain Range Breakout as Price Drops 16%

Fetch.ai’s (FET) breakout from its range bound movement was short-lived with the AI token registering a 16% dip over the past 12 hours.

This saw FET’s price action drop back into the range between $1.72 to $2.36, offering sellers an opportunity to ride the price down to the range low.

With the entire crypto market experiencing the bearish heat as occasioned by BTC dropping to $64k and ETH dropping to $3.1k, FET sellers could hit decent double digit gains in the short term.

Fetch.ai - The Decentralized AI Platform

Fetch.ai is a blockchain platform that incorporates artificial intelligence (AI) to automate tasks and facilitate interactions within a decentralized digital economy.

Recently, Fetch.ai merged with two other decentralized AI platforms (SingularityNET and Ocean Protocol) to create The Superintelligence Alliance with the goal of becoming the largest independent player in AI research and development.

As such, the individual tokens from the respective platforms will be merged to form a universal AI token known as the Artificial Superintelligence token $ASI. Current holders of $FET, $OCEAN and $AGIX tokens will be able to swap their tokens to the new $ASI token.

This alliance has merged Fetch.ai's autonomous AI agents and blockchain infrastructure with SingularityNET's rich AI research and development along with Ocean Protocol's data sharing and monetization.

The combined value of the three tokens at the merger was $7.5 Billion which theoretically put $ASI in the top 20 crypto tokens by marketcap. (benchmarked against Coinmarketcap).

20% Gains on Offer for Sellers

Whilst Fetch.ai goes through the process of becoming a unified token, its current price action offers gains for short term sellers.

An entry at the current market price (CMP) of $2.26 would yield gains of up to 20% at the range low of $1.7. With a resistance level just above the CMP, a bullish break of the level would invalidate this setup.

However, the Relative Strength Index (RSI) was bearish at 41 with the Moving Average Convergence Divergence (MACD) posting a bearish crossover. This reinforced the bearish advantage in the short term.

Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.