Bitcoin‘s price rapidly surged towards $67,000 but retracted by nearly $700 as the report was being prepared. The market saw further fluctuations as the price, which had initially increased with the opening of the US market, later reversed. Despite these short-term movements, investors are advised not to overlook the cryptocurrency’s long-term potential.
What Drives FET Coin’s Growth?
Amid Bitcoin’s volatility, some altcoins demonstrate a positive trend, particularly in the mid-term. A notable example is FET Coin, now part of the Artificial Superintelligence Alliance (ASI) alongside OCEAN and AGIX. The first phase of their merger was completed on July 22. While this did not result in a stable rise for FET, the second phase, approaching shortly, might reverse the short-term negative trend.
The anticipated net inflows on the ETH ETF front in the coming days are expected to boost risk appetite in altcoins. With the start of MTGOX refunds, those who met the conditions received their refunds promptly. However, some investors did not follow the process, did not qualify, or passed away, suggesting that the major shock sales from refunds are already behind us.
Will Politicians Impact Crypto Sentiment?
On Saturday, notable figures such as Donald Trump and potentially Kamala Harris are slated to speak at a Bitcoin conference. It will be interesting to observe how politicians employ promises and rhetoric to attract crypto investors’ votes during this event.
Key Insights for Investors
Investor Takeaways:
- Watch for the market sentiment recovery as the second phase of the ASI merger approaches.
- Monitor the strong support level at $1.11 for FET Coin closely.
- Aim for the resistance level of $1.55 if the price remains above $1.27.
- Expect potential price targets to reach $1.69 in the short term.
Finally, it’s crucial to consider that significant pricing occurred before the first phase, and overall market sentiment suppressed many positive developments. The anticipated market recovery aligning with the second phase could present a turning point for FET Coin and other cryptocurrencies.