Fetch.ai (FET) Price Prediction as Merger with OCEAN and AGIX Nears

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.

Artificial intelligence (AI) cryptocurrency Fetch.ai (FET) has seen its price come into sharp focus in the past few days. This attention is due to the anticipation surrounding Fetch.ai’s planned merger with fellow AI-based crypto projects Ocean Protocol (OCEAN) and SingularityNET (AGIX). The merger is expected to create a powerful collective within the AI crypto domain.

Following a recent low, the FET token has shown resilience, rebounding from a price of $1.4675 to begin Thursday at $1.6850. This rebound comes amidst positive reactions to US inflation data, with the token now trading above the psychological level of $1.6.

Artificial intelligence assets have been at the center of attention this week, with Apple holding its annual Worldwide Developers Conference (WWDC) event in California. During the event, Apple announced several upcoming updates to its ecosystem and unveiled the Apple Intelligence.

Among the key highlights were announcements regarding AI-related collaborations. Apple revealed its partnership with OpenAI, the company behind the popular AI chatbot ChatGPT, to integrate its technology into Apple devices. This news sparked a response from Tesla and SpaceX CEO Elon Musk, who warned that he would block Apple from his companies if its devices came pre-installed with ChatGPT.

Musk’s reaction stems from his involvement in launching a new AI company called xAI, which was recently valued at over $24 billion. The company aims to integrate advanced AI capabilities into useful products.

In other news, Fetch.ai's planned merger with Ocean Protocol and SingularityNET has now been postponed to July 15th. Initially scheduled to take place on Thursday, the merger will see the FET token phased out and replaced by the Super Intelligence (ASI) token.

After the merger, Fetch.ai will become a wholly-owned subsidiary of the newly merged entity, which will be governed by the ASI token. The FET token will cease to exist, and ASI will become the native token for the combined company.

The merger will integrate three companies with diverse offerings within the AI industry. Ocean Protocol operates a platform that specializes in tokenized AI and data, notably offering its predictoor platform, which enables developers to deploy AI-powered trading bots and participate in data challenges, such as competitions.

SingularityNET, known for its decentralized marketplace for artificial intelligence applications, boasts offerings like Rejuve, Awakening, and Jam Galaxy, among others. Fetch.ai provides fast and capable AI agents for developers to rapidly build on.

In an update, Fetch.ai stated, "We continue to work closely with our partners, Ocean Protocol and SingularityNET, towards our shared goal. Together, we aim to accelerate the adoption and impact of AI in Web3 and beyond."

A daily chart analysis reveals that the FET token price has been on a bearish trajectory over the past few weeks, registering a steep decline. The token plunged to a low of $1.4625 on Wednesday and subsequently rebounded to reach $1.652 after the release of the CPI data. This rebound began after the formation of a small hammer pattern.

On the 4H chart, the token has moved below the Woodie pivot point and remains lower than the 50-period moving average. It is now trading below a key support level of $1.8590, which marks its lowest swing on March 1st.

With investors awaiting the merger in July, the FET token price is likely to remain pressured, potentially leading to a drop to the second support of the Woodie pivot point at 1.2712.

News source：https://www.kdj.com/cryptocurrencies-news/articles/fetchai-fet-price-prediction-merger-ocean-agix-nears.html

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