• FET and AGIX costs are falling regardless of the ASI token merger announcement.
• Fetch.ai's FET buying and selling quantity elevated 36% regardless of the current worth drop.
• Market analyst Sherpa is of the view that AGIX might rise above the 200 EMA.

Fetch.ai (FET) revealed on Wednesday that the extremely anticipated merger of its ASI token with Ocean Protocol (OCEAN) and SingularityNET (AGIX) will go reside on July 1.

Nonetheless, the preliminary pleasure surrounding this two-step course of seems to have subsided, with costs of each FET and AGIX dropping considerably following the announcement.

At press time, Fetch.ai was buying and selling at $1.64, down 3.95% from the day past. Equally, Ocean Protocol and SingularityNET had been additionally down, with OCEAN down 3.1% to $0.6544 and AGIX down 4.89% to $0.6715, in accordance with CoinMarketCap.

Fetch.ai Pricing Evaluation

Lately, the FET token surged to a brand new excessive of $1.84, surpassing the earlier all-time excessive of $1.74 recorded on June 20. Nonetheless, this upward momentum was short-lived, because the token has since plummeted, dropping 28% prior to now month and 4% prior to now week.

FET/USD 1-day chart (Supply: CoinMarketCap)

This downward pattern additionally affected FET's market cap, which fell 3.95% to $1.389 billion. Apparently, regardless of the value drop, FET's buying and selling quantity surged by over 36% prior to now 24 hours to achieve $297.216 million. This means that whereas FET's worth could also be risky, buying and selling exercise and curiosity within the token stays strong.

Key FET ranges to look out for

In response to knowledge from TradingView, if FET’s bearish pattern continues, the asset might discover assist on the $1.065 degree. Furthermore, a breakdown under this level might result in additional declines and doubtlessly even successful to the February low of $0.51.

FET/USD 24-hour chart (Supply: Buying and selling View)

In the meantime, market analyst Altcoin Sherpa predicts that FET will face a significant resistance close to the $1.90 mark. In response to Sherpa's evaluation, a breakout above this resistance will set the stage for an upswing that would see FET goal the $2.49 goal.

Such a transfer would sign a reversal of the bullish pattern and will appeal to extra traders, pushing the value larger and doubtlessly difficult the all-time excessive of $3.8 hit on March 28.

AGIX Token Efficiency

Much like FET, AGIX token has additionally skilled a major drop, dropping by over 27% on the month-to-month chart, with its market cap and buying and selling quantity additionally declining considerably, reflecting an absence of investor confidence.

AGIX/USD 1-day chart (Supply: CoinMarketCap)

On the time of writing, AGIX’s intraday market cap was down 4.83% to $864.607 million, whereas 24-hour buying and selling quantity was down 9.34% to $96.103 million.

Doable bullish reversal

Regardless of the widespread unfavorable sentiment surrounding the AGIX token, market analyst Sherpa stays optimistic concerning the token’s potential upward trajectory, particularly with the upcoming transition occasion looming.

In response to Sherpa's evaluation, AGIX is at present hovering across the 200 exponential transferring common, and a breakout above this key degree might set off a bull market, driving costs larger and reigniting investor confidence within the venture.