The price of Artificial Superintelligence Alliance’ native token, FET, has been dropping over the past five days. This week’s decline brought FET into a buy zone, aligning with a prediction from a crypto analyst. The analyst, who posted on platform X, said a retest of the $1.10 level creates an ideal entry point for FET in a bullish market.
$FET
Finally a move worth talking about!
I recently covered in an $ASI video how the three projects involved were making big moves and price would eventually catch up.
A retest of $1.10 in bullish conditions would be a perfect entry in many ways.
AI SZN PENDING. https://t.co/mQgKF85bGT pic.twitter.com/rmXOX8vsZP
— Posty (@PostyXBT) August 26, 2024
This analyst also connected FET’s recent behavior to the launch of the new ASI token, a universal token for Artificial Superintelligence. ASI is the product of a merger between three AI blockchain projects: Fetch.ai, SingularityNet, and Ocean Protocol. FET is one of the three tokens the analyst expects to eventually catch up to the bullish trend after their initial dips.
The analyst’s FET price prediction relies on a technical pattern identified on the AI token’s daily chart. They shared a screenshot showing how FET fell within a falling wedge pattern. According to the analyst, the altcoin must break out of the falling wedge formation on the daily chart to trigger a bullish rally.
TradingView data confirms that FET has already retested the $1.10 support level predicted by the analyst. The AI token dipped to $1.0992 earlier today before recovering slightly and currently trading at $1.1190. Based on the analyst’s prediction, users anticipate a potential FET rally soon, possibly reaching targets above $1.50.
In the meantime, AGIX, the native token of SingularityNet, also declined recently in a pattern coincident with OCEAN, Ocean Protocol’s native token. Hence, all three cryptos linked to the universal ASI token have declined recently. However, users expect this trend to reverse based on the analyst’s prediction. The current focus is on the falling wedge on FET’s daily chart, where crypto users hope to see a breakout soon.