Analyzing the ASI Alliance Fallout | Credit: Hameem Sarwar
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Key Takeaways
OCEAN announced its departure from the ASI alliance.
The OCEAN price surged while FET broke down.
Will this trend continue throughout the rest of the year?
Today’s crypto market saw a shake-up as Ocean Protocol officially exited the Artificial Superintelligence Alliance (ASI).
The move sent OCEAN soaring while its former partner Fetch.ai (FET) tumbled in response.
The big question now is whether OCEAN’s breakout momentum will last or be a short-lived spike.
ASI Alliance Breakdown
Earlier today, the Ocean Protocol team announced that it will leave the Artificial Superintelligence Alliance (ASI) and regain independence of its OCEAN token.
The ASI alliance was previously made between Fetch.ai (FET), Singularity NET (AGIX), and Ocean Protocol (OCEAN) under the ticker FET.
The process was finalized in July 2024, but risks breaking down with Ocean Protocol’s recent departure.
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Ocean Protocol confirmed that its development funding is now fully secured and will use profits from spin-outs to buy back and burn OCEAN tokens.
Following the FET merge, 81% of OCEAN’s supply has been converted, though about 270 million tokens remain unconverted across 37,334 holders, with swapping still optional.
Momentum indicators are gradually turning bullish. The Relative Strength Index (RSI) is almost above 50, while the Moving Average Convergence/Divergence (MACD) is near 0.
So, if the OCEAN price breaks out, it will confirm its bullish prediction, taking the momentum indicators into bullish territory.
FET Price Breakdown
While the OCEAN price surged, FET went in the opposite direction.
Before the new, the FET price had traded inside a descending wedge and at the horizontal and Fibonacci support of $0.57.
However, the news caused a breakdown from both, invalidating the bullish pattern in the process.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
