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Fetch.ai (FET) Price Prediction: Consolidation Before Culmination

2 mins
Updated by Ryan Boltman
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In Brief

  • Fetch.ai (FET) is expected to dissolve next month as it forms the Artificial Superintelligence Alliance.
  • FET's price is likely to consolidate between $1.0 and $1.7, with investors showing no bullish signs.
  • Despite some HODLing, investor sentiment remains bearish, indicating limited potential for a rally.
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The Fetch.ai (FET) price is observing one last blow as the altcoin prepares for its end ahead of the formation of the Artificial Superintelligence Alliance (ASI).

FET, AGIX (SingulairtyNET), and OCEAN (Ocean Protocol) are expected to collaborate next month, resulting in the dissolution of these three tokens.

Fetch.ai Investors Show No Bullish Signs

Expecting a rally or recovery in Fetch.ai’s price is pointless since the token will cease to exist within a month. As FET becomes ASI along with OCEAN and AGIX, the token holders don’t see much incentive as of now.

However, until the collaboration takes place, the altcoin is still subjected to broader market cues, which could result in a consolidation. The investors, too, will likely not do much to change this.

Following the recent decline that brought FET down from $2.2 to $1.2, the conviction took a hit. Mean Coin Age marked a sharp drop, which is now turning into an uptick. The former is an indication of token movement among addresses, while the latter suggests HODLing.

Fetch.ai MCA.
Fetch.ai MCA. Source: Santiment

However, even if the investors are HODLing, they are not too impressed by the current market conditions. Their sentiment towards FET remains bearish still, with the intensity even reaching yearly lows.

The weighted sentiment indicator at a point this low was last seen back in July 2023. 

Read More: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

FET Weighted Sentiment.
FET Weighted Sentiment. Source: Santiment

This bearishness, coupled with the bullishness arising from FET HODLing, paints a bearish-neutral outlook.

FET Price Prediction: Sideways Going Ahead

Given the aforementioned cues, Fetch.ai’s price at $1.2 will likely consolidate going forward. The potential limits of this sideways momentum will be $1.7 and $1.0.

These levels have been tested as supportive in the past and resistant more recently. Thus, until the ASI formation takes place in July, the altcoin will remain stuck in these limits.

Read More: 13 Best Penny Cryptocurrencies To Invest In June 2024

FET Price Analysis.
FET Price Analysis. Source: TradingView

But if the volatility of the crypto market graces FET, an uptick in price can be expected. If this leads to a breakout from the upper limit of the consolidation, the bearish-neutral thesis would be invalidated.

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Disclaimer

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.

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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...
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