Fetch.ai price has been in the spotlight in the past few days as investors focused on the anticipated merger with Ocean Protocol and SingularityNET. The FET token initially plunged to a low of $1.4675 this week and then rebounded after the encouraging US inflation data. It was trading at $1.6850 on Thursday morning.
Fetch.ai to merge with OCEAN and AGIX
Artificial intelligence-related assets have been in the spotlight this week as Apple held its WWDC event in California. In it, the company unveiled a series of future updates to its ecosystem and launched the Apple Intelligence.
The most significant development was Apple’s decision to partner with OpenAI, the creator of ChatGPT, which stirred controversy. In a strongly worded Tweet, Elon Musk threatened to ban Apple products in his companies if their devices incorporated ChatGPT. This reaction came when Musk’s company, xAI, is now valued at a staggering $24 billion.
Another major development was the impending merger of Fetch.ai with Ocean Protocol and SingularityNET. This unique merger, initially set for Thursday, has been rescheduled for July 15th.
After this merge, the FET token will cease to exist and be replaced by the Super Intelligence (ASI) token. This will be the first big merger of cryptocurrencies. FET has a market cap of over $1.4 billion, while AGIX and Ocean are valued at $890 million and $401 million, respectively.
The merger will combine three companies that do different things in the AI industry. Ocean Protocol is a platform that focuses on tokenized AI and data. Its predictor platform helps developers run AI-powered trading bots, while data challenges provide competition.
SingularityNET, on the other hand, provides a decentralized marketplace for artificial intelligence applications like Rejuve, Awakening, and Jam Galaxy. Fetch provides AI agents that help developers to build fast. In an update, Fetch said that:
The existing FET, AGIX and OCEAN tokens will continue to trade on exchanges independently. Future Steps: Once third-party integrations are finalized, the ASI token will be launched and FET, AGIX and OCEAN will cease to trade independently and merge to the ASI token.
Fetch.ai price prediction
The daily chart shows that the FET token price has been in a strong bearish trend in the past few weeks. It plunged to a low of $1.4625 on Wednesday and then rebounded to $1.652 after the CPI data. This rebound happened after it formed a small hammer pattern.
On the 4H chart, it has moved below the Woodie pivot point and remains below the 50-period moving average. It now remains below the key support level at $1.8590, its lowest swing on March 1st.
Therefore, the token price will likely remain under pressure as investors wait for the merger in July. As such, it could drop to the second support of the Woodie pivot point at 1.2712.
