AI Coins Experience Downturn: Fetch.ai, Singularity, and Ocean Merger Enthusiasm Fades – Spotlight on the Next AI Coin to Monitor
Tim Hakki
Last updated: June 21, 2024 10:45 EDT | 2 min read
The impressive nearly 30% surges achieved on Thursday by AI tokens Ocean Protocol ($OCEAN), SingularityNET ($AGIX), and Fetch.ai ($FET) have notably cooled by Friday afternoon UTC.
The news of $AGIX and $OCEAN merging into the $4 billion market cap token $FET in a Binance-backed agreement propelled these tokens to intraday gains surpassing most top 100 cryptocurrencies yesterday. However, their upward momentum has significantly moderated today. At present, Fetch.ai is down 3.7% from its previous day’s price, settling at $1.58.
Similar downturns have affected Ocean Protocol and SingularityNet. $OCEAN declined by 3.1% overnight to $0.6544, while $AGIX slipped 2.5% to $0.6561, as reported by CoinCodex.
The leading AI token, Near Protocol’s $NEAR, also saw a comparable decline of 2.6%, currently trading at $5.24.
These losses mirror the broader trend seen in the cryptocurrency market leader, Bitcoin ($BTC), which fell 3.2% overnight to trade at $63,788.
Looking ahead to Fetch.ai post-merger, a review of the token’s price performance over the past three months reveals that $FET struggled to maintain levels above $2.50, ultimately dipping below the $2 support threshold in early June. Current data indicates the token may have found support around $1.50, contingent upon it holding steady or rallying.
Given Bitcoin’s recent decline, it’s unlikely that $FET will surge significantly above $1.50 this weekend unless there’s a broader market upturn, as the hype-driven buying interest seems to have waned. The relative strength index, currently at 52, suggests that profit-taking following yesterday’s surge has also calmed down.
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Disclaimer: Cryptocurrency investments are high-risk. This article serves informational purposes and should not be construed as investment advice. Capital loss is possible.
