SingularityNET, Fetch.ai, and Ocean Protocol To Merge Into One Coin? — Prices React
SingularityNET, Fetch.ai, and Ocean Protocol tokens to merge into one platform sparking enthusiasm and bolstering their prices.
Key Takeaways
- Cryptocurrency merger aims to establish a decentralized AI platform.
- Merger’s success tied to community approval and leadership collaboration.
- Token prices rise amid merger talks, but sustainability questioned.
SingularityNET, Fetch.ai, and Ocean Protocol are in talks to merge their cryptocurrencies. This could create a unified decentralized AI platform, encouraging cooperation between the companies. According to Bloomberg , the organisations are considering launching an ASI token with an estimated value of $7.5 billion.
The merger, pending community approval, could be officially announced soon. The companies plan to keep their operations distinct but collaborate through the Superintelligence Collective, headed by Ben Goertzel and chaired by Humayun Sheikh.
The announcement has positively impacted the companies’ tokens, with significant price increases reported. Despite this enthusiasm, a Coinbase research report suggests the spike may be more hype-driven, with concerns over AI tokens’ long-term demand and utility.
AI Tokens Price Analysis
Let’s take a look at how AGIX, FET, and OCEAN have performed recently.
SingularityNET
The price of SingularityNET’s AGIX reached an all-time high of $1.40 on March 9. After that, though, it dropped by 34%, reaching a low of $0.91 on March 19. After it hit a higher low a new uptrend began with the price now being back around its all-time high.
AGIX’s next move dependa on what happens at the current interaction with the all-time high. If the price can rise above it, then the next price target is just below $2. However, if we see a rejection, SingularityNET could face another downturn with a lower low than on March 19 in sight. The price could go to a low of $0.80 during this downturn, and if it does, it could establish the support needed for further upward advancement.
Fetch.ai
Fetch.ai token made a new all-time high on March 27, reaching $3.34 at its peak value. It is now slightly lower than that, but the upward momentum looks persistent, with more upside expected in the short term.
From its last low of $2.40, we have likely seen the new five-wave uptrend, out of which the price still has more room to reach the 1.618 Fibonacci level to finish its third wave. However, as wave five should raise the price, our next target would be slightly below $4.
OCEAN
Meanwhile, Ocean Protocol spiked to the upside, higher than two previous tokens, reaching a higher high of $1.66, increasing by 37% in the last 24 hours.
As in the case of FET, this is most likely its wave three out of a five-wave move, but as it got extended past the 1.618 Fibonacci extension level, wave five’s upside potential is limited.
We expect the price to stabilize and consolidate above $1.50 in its wave 4 before the next upturn starts. On the four-hour chart, we already saw a 14% wick, indicating that it met resistance. Our next target to the upside after the consolidation ends would be $1.75.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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