With the ASI merger, we saw three major players in the artificial intelligence field unite. This step, which increases the chances of alternative initiatives, has also paved the way for the faster growth of the FET, AGIX, and OCEAN trio. Of course, this is an assumption for the benefits that will emerge in the long run. Perhaps we will see that the merger is harmful to FET and the other two altcoins.
FET Coin Commentary
Artificial Superintelligence Alliance (FET) is lingering at $0.84 with roughly a 3% increase over the last 7 days. Investors are profitable and supported by on-chain data. The Daily Trading Volume to Profit and Loss ratio metric reached its best level since July 27 at 2.4. At the same time, there was a significant increase in the number of whales holding FET Coin.
According to data provided by Santiment, the number of addresses holding between 10,000 and 10 million tokens increased by 16% in 7 days. This group owns more than 37% of the 2.52 billion token supply.
However, current profitability may soon reverse according to signals from the Elder-Ray Index. Reflecting a bearish trend, the index has been signaling below zero since July 23. This indicates that the balance of power between buyers and sellers is dominated by sellers.
FET Coin Price Target
The current price, moving below the 20-day average, was also affected by the recent BTC drop. For cryptocurrencies, prices below EMA20 reflect a negative short-term outlook and dominant selling pressure. Although many important data will soon come from the US, we do not have a strong catalyst to quickly turn the general market sentiment upward.
BTC must close above $63,000 to confirm the continuation of the short-term uptrend, but it fell to $56,078 at the time of writing. A significant portion of altcoins is experiencing losses of 4% and above.
FET Coin may also be affected by this negativity with the extra support of the reasons mentioned above. If the decline continues, the $0.7 level seen in the last drop on August 5 may be retested. However, in the opposite scenario, the $1 threshold should be reclaimed, and $1.35 should turn into support for the rally to accelerate.
