Artificial Superintelligence Alliance (ASI) Tumbles After Token Merger Kickoff
The Artificial Superintelligence Alliance (ASI), formerly known as Fetch.ai (FET), has seen its price drop 5% in the last 24 hours, following the commencement of the first phase of its ambitious multi-token merger.
Merger Woes
The ASI alliance initiated the merger process on July 1st, delisting SingularityNet (AGIX) and Ocean Protocol (OCEAN) tokens on various exchanges. Fetch.ai itself rebranded as ASI, though its ticker symbol (FET) remains unchanged. This move, however, coincided with a price decline for FET, currently trading at $1.29.
Exchange Disagreements
A major hurdle emerged as prominent exchanges like Coinbase refused to support the automatic conversion of user holdings to the new ASI token. Kraken, on the other hand, will continue trading FET and OCEAN but requires users to withdraw their tokens for manual migration.
Technical Outlook Uncertain
Analysts point to bearish technical indicators for ASI, suggesting a potential further decline to the $1.05 support level. The Relative Strength Index (RSI) sits at 34, indicating oversold territory. However, a potential breakout could occur if bulls manage to push the price above the $1.65 resistance level.
Investor Optimism Remains
Despite the short-term price slump, some investors are bullish on ASI’s long-term prospects. The successful completion of the merger could lead to renewed hype and price appreciation. Some forecasts suggest a short-term target of $5 and a long-term goal of $13 for ASI.
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