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ASI Formation by FET, AGIX, and OCEAN: What It Means for Prices

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In Brief

  • (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) recently announced a collaboration to form the Artificial Superintelligence Alliance (ASI).
  • In line with this merger crypto exchange KuCoin announced that it would soon delist FET and AGIX from its platform.
  • The potential highlighted by this merger is bullish. However, the individual performance of the assets has been largely disappointing.
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Mergers between two companies in the crypto industry are rare. Still, it is even rarer to see three companies come together as (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) plan to.

Whether this will turn out to be a spectacular or a disastrous spectacle is yet to be determined.

The Artificial Superintelligence Alliance (ASI) Closer to Coming to Life

Earlier this week, SingularityNET announced that it would merge with and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI). The merger will unify the three networks into one Artificial Intelligence (AI) network.

Currently, these three tokens are worth around $3.2 billion combined. Following the merger, ASI is targeting a market cap of $7.5 billion, which would place the token among the top 20 cryptocurrencies in the world.

The merger is expected to begin on June 11 and be completed by June 13, after which the three tokens cease to exist. Token holders until June 13 will have a chance of swapping their holdings for ASI.

However, with a market cap target of 2x the current valuation of these three assets, the question arises if this is a possibility or a simple fantasy.

FET, AGIX, OCEAN Price Prediction: Where They Are and Where They Could Land (FET)’s price has been consolidating for the past two months, with every breakout attempt failing so far. FET is changing hands at $2.11, moving within the range of $1.95 and $2.49.

The Relative Strength Index (RSI) is in the bearish zone under the neutral line of 50.0. The RSI is a momentum oscillator that measures the speed and change of price movements. It currently signals a bearish outcome over the next week, likely keeping FET consolidated.

Read More: How Will Artificial Intelligence (AI) Transform Crypto? Price Analysis. Price Analysis. Source: TradingView

SingularityNET (AGIX)

AGIX price has been doing well on the macro time frame. The altcoin has observed a consistent uptrend for the past two months, bringing the trading price to $0.89. AGIX is currently sitting under the critical resistance of $1.00.

If this barrier is breached, the crypto asset would have a shot at rising further towards rallying beyond $1.07. 

Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

AGIX Price Analysis.
AGIX Price Analysis. Source: TradingView

However, this could take a while, and the anticipated merger date, June 11, is less than a week away.

Ocean Protocol

OCEAN’s price action has not been too impressive, either. The altcoin has been consolidating between $0.84 and $1.02 for a solid eight weeks. OCEAN nearly breached the upper limit once but failed to sustain the rise, returning to the trading price of $0.89.

The chances of the altcoin dipping to test the support floor of $0.84 are much higher than a breakout. 

Read More: Top 12 Crypto Companies to Watch in 2024

OCEAN Price Analysis.
OCEAN Price Analysis. Source: TradingView

Thus, given the current market conditions and despite the rise in AI, these three tokens are witnessing slow growth. The potential of these assets combining and skyrocketing from positions 60, 80, and 143 to become a top-20 asset seems a little difficult.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...