Fetch.ai (FET) and SingularityNET (AGIX), have witnessed price pumps in the past 24 hours. These are two prominent players in the AI/crypto space.
Let us find out what triggered the double digit price surge for these two coins amidst the not-so bullish market conditions.
What you'll learn 👉
Artificial Superintelligence Alliance Announces Token Merger
FET, the native token of Fetch.ai, has recorded a 31.06% increase, currently trading at $1.66 with a 24-hour low of $1.25 and a high of $1.74.
Similarly, AGIX, the token of SingularityNET, has seen a 28.17% rise, trading at $0.6767 with a 24-hour low of $0.5202 and a high of $0.6932.
The price surge can be attributed to the recent announcement by the Artificial Superintelligence Alliance regarding the merger of FET, AGIX, and OCEAN tokens into a single token called ASI. On June 3, SingularityNET shared the conversion rates of the tokens to ASI:
- FET will be converted to ASI at a 1:1 ratio
- AGIX will be converted to ASI at a 1:0.433350 ratio
- OCEAN will be converted to ASI at a 1:0.433226 ratio
The merger, expected to start in the coming weeks, aims to position the ASI token among the top 20 largest cryptocurrencies by market capitalization, with an anticipated total value of $7.5 billion.
The surge in AI tokens coincides with a 3.51% hike in Nvidia stock on Wednesday, closing the day at $135.58. Nvidia, a leading manufacturer of graphics processing units (GPUs) widely used in AI applications, has been a key player in the growth of the AI industry.
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Show more +Technical Analysis Suggests Potential for Further Growth
Several analysts have shared their insights on the technical aspects of FET and AGIX, indicating the potential for further growth.
Bandhan Sharma Maverick Trader, in a tweet, suggests that FET is nearing the completion of its markdown phase and could enter an accumulation phase lasting a minimum of two months before the markup phase begins, driven by the return of the AI narrative. The analyst highlights that the long-term outlook for FET remains bright.
MesniBurek, another analyst, notes that FET has completed a retest and could be starting the last impulse or more consolidation before the final 5th wave.
Crypto Kindie, analyzing FET on the weekly timeframe, points out that the token is looking great, with a bullish backtest on the previous all-time high zone and the Weekly 50 moving average. The analyst suggests that the three months of consolidation could be coming to an end shortly, with a potential double bottom around $1.1.
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TEAM Lambo Charts, focusing on AGIX, indicate that the token is looking to bounce off the lower trendline after an almost 65% correction from the top. The analyst sets short-term targets of $0.65 and $0.80 before discussing any substantial breakout.
The price surges of Fetch.ai (FET) and SingularityNET (AGIX) can be attributed to the announcement of the AI token merger by the Artificial Superintelligence Alliance, as well as the overall positive sentiment in the AI industry, as evidenced by the recent surge in Nvidia stock.
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