AI Coins Dip: Fetch.ai, Singularity and Ocean Merger Hype Fades – This is the Next AI Coin to Watch
The blistering near 30% rallies posted Thursday by AI coins Ocean Protocol ($OCEAN), SingularityNET ($AGIX), and Fetch.ai ($FET) appear to have largely cooled off today, by Friday afternoon UTC.
News that $AGIX and $OCEAN are merging into the $4 billion market cap token $FET in a Binance-supported deal helped the tokens record intraday gains far greater than any other top 100 cryptocurrencies yesterday.
However, their upside momentum appears to have largely cooled off today. At the time of writing, Fetch.ai is down 3.7% from its price this time yesterday. It now trades at $1.58.
The same can be said of Ocean Protocol and SingularityNet. $OCEAN fell 3.1% overnight to $0.6544, while $AGIX dropped 2.5% to $0.6561, according to CoinCodex.
The biggest AI coin, Near Protocol’s $NEAR token, depreciated a comparable 2.6% and currently changes hands at $5.24.
These losses are in line with crypto market leader Bitcoin ($BTC). The world’s favorite digital asset fell 3.2% overnight to trade at $63,788.
So, how is Fetch.ai looking ahead of the merger? A glance at the token’s price chart over the last three months suggests $FET failed to sustain highs above $2.50, before spiralling below the $2 support level in early June.
Current data suggests the token may have found support at $1.50, but this is conditional on the token remaining at its current level and/or rallying.
Given Bitcoin’s current dip, $FET is unlikely to breakout substantially higher than $1.50 this weekend unless the rest of the market rallies, since the hype-driven buying appears to have cooled off, according to the relative strength index, which sits at 52.
This indicates the profit-taking from yesterday’s run has also cooled off.
AI coins merge blockchain with artificial
