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ASI Crypto Merger Buzz Fades: FET, AGIX, OCEAN Prices Crash
- FET, AGIX and OCEAN have seen massive price corrections in the past few days.
- The volume and social sentiment around the tokens have also decreased.
After months of speculation, the Artificial Superintelligence Alliance (ASA) has confirmed the initial phase of its two-part token merger in an official press release.
This marks a significant step towards the alliance’s goal of creating a unified AI token called ASI. The merger will combine the tokens of Recover.ai [FET], SingularityNET [AGIX]AND Ocean Protocol [OCEAN].
This collaboration aims to lay a solid foundation for a decentralized AI ecosystem.
Do you believe the rumors, do you sell the news?
Despite the announcement, the price of FET, AGIX and OCEAN dropped significantly. At press time, FET was trading at $1.16 and its price dropped by 4.02% over the past 24 hours.
However, the price of FET had started to decline since May 23 and had recorded both lower lows and lower highs, indicative of a bearish trend.
The RSI (Relative Strength Index) has dropped significantly in recent days, implying that the bullish momentum around the token has faded significantly in recent days.
Additionally, the token’s CMF (Chaikin Money Flow) has also decreased, suggesting that the money flowing into the AI token has decreased.
Source: Trading View
AGIX has been a bigger victim of the bears, with prices down 12.77% in the last 24 hours. The price movement has been similar to that of FET.
However, unlike the CMF for FET, AGIX’s CMF was relatively higher, indicating that money flowing into the token remained high. The RSI was negative, indicating a decline in bullish momentum for the token.
Source: Trading View
OCEAN was no different and was not spared by the bears. Over the past 24 hours, the token has dropped by 3.97%.
Additionally, the RSI and CMF were also negative, implying that the bullish momentum and money flow had diminished for the token.
Source: Trading View
Light Alliance for Artificial Superintelligence [ASA] Price forecast 2024-25
On the social front
In terms of social activity, all tokens have seen a decline in interest, as social volumes for these AI tokens have dropped significantly.
Additionally, the weighted sentiment for all three tokens has also decreased, suggesting that the number of negative comments about these tokens has increased significantly in recent days and has outnumbered the positive ones.
Source: Santiment