A significant merger has occurred in the artificial intelligence sector, with three prominent AI entities joining forces under the Artificial Superintelligence (ASI) Alliance. This strategic partnership is anticipated to accelerate the growth of FET, AGIX, and OCEAN tokens, though its long-term impact remains uncertain. There is potential for the merger to either benefit or negatively affect these altcoins.
FET Coin Analysis
Currently, the FET Coin is trading at $0.84, reflecting a 3% increase over the past week. On-chain data supports this profitability, with the Daily Trading Volume to Profit and Loss ratio reaching 2.4, its best since late July. Additionally, there has been a notable rise in the number of large FET Coin holders, or whales.
Santiment data shows a 16% increase in addresses holding between 10,000 and 10 million FET tokens within a week. This group now controls over 37% of the total token supply, which stands at 2.52 billion.
FET Coin Price Forecast
Despite current gains, bearish signals from the Elder-Ray Index suggest that this profitability might not last. The index, indicating a seller-dominated market, has been below zero since July 23. The FET Coin’s price, hovering below the 20-day moving average, has also been impacted by a recent decline in Bitcoin.
Bitcoin needs to close above $63,000 to resume its short-term uptrend but was at $56,078 at the time of writing. This has contributed to losses of 4% or more for many altcoins, including FET Coin, which could see further declines.
Actionable Insights
– Monitor the Elder-Ray Index for trend reversals.
– Keep an eye on Bitcoin’s closing prices for market sentiment.
– Watch for FET Coin’s movement around the $0.7 and $1.35 levels for potential buying opportunities.
– Track large FET holders’ activities to gauge market confidence.
FET Coin could face additional pressures due to the broader market sentiment and specific technical indicators. Should the downtrend continue, a retest of the $0.7 level from early August is possible. Conversely, regaining the $1 mark and establishing $1.35 as support could signal a rally.