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Bitcoin price rapidly approached $67,000 but lost nearly $700 as the article was prepared. The fluctuation continues, and the price that rose with the US market opening has now reversed. However, it’s not the end of everything. Short-term price movements may cause investors to disregard the long-term trajectory.
Why FET Coin Rose
Despite BTC price fluctuations, some altcoins are showing positive divergence, especially in the mid-term. FET Coin, which has joined forces with two other major AI tokens, is a good example. Now known as the Artificial Superintelligence Alliance (ASI), FET Coin completed its first major step towards the merger on July 22. FET, OCEAN, and AGIX will now continue as ASI Coin. It is certain that the completed first phase did not bring a stable rise.
As the second phase approaches, the short-term negative fluctuation is likely to reverse. Especially in the coming days, with continued net inflows on the ETH ETF front, the risk appetite in altcoins is expected to gradually recover. With the start of MTGOX refunds, those who met the conditions received their refunds quickly. However, there are those who did not follow the process for 10 years, did not meet the conditions, or even passed away. So, we can say that we are already going through the major shock sales of the refunds.
On the other hand, on Saturday, Trump and possibly Kamala Harris (likely to be confirmed today) will speak at the Bitcoin conference. It will be exciting to see what promises and nice words politicians will use to gain votes from crypto investors at this event.
FET Coin Price Prediction
As the second phase, which will signify the completion of the merger, approaches, a recovery in overall market sentiment is expected. So, what are the predictions for FET Coin, now named ASI, in this scenario?
In the short term, Stoch RSI indicates that weakness may continue as the article was prepared. The strong support at $1.11 will be the key point for FET Coin investors to watch. If the bulls can stay above $1.27, a bounce may be seen from there. Then, the general resistance at $1.55 will need to be targeted. The short-term rise target is $1.69.
There was significant pricing before the first phase, and the overall market sentiment undermined many good news, including this one. However, the expected overall market recovery coinciding with the second phase could turn things around this time.
