ASI crypto merger buzz fades: FET, AGIX, OCEAN prices plunge
The announcement of the ASA merger failed to prevent substantial price corrections for FET, AGIX, and OCEAN tokens over the past few days.
- FET, AGIX and OCEAN witnessed massive price corrections over the last few days.
- Social volume and social sentiment around the tokens also waned.
Following 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 Fetch.ai [FET], SingularityNET [AGIX], and Ocean Protocol [OCEAN].
This collaboration aims to establish a strong foundation for a decentralized AI ecosystem.
Buy the rumor, sell the news?
Despite the announcement, the price of FET, AGIX and OCEAN fell significantly. At press time, FET was trading at $1.16 and its price declined in the last 24 hours by 4.02%.
However, the price of FET had started its decline since the 23rd of May and exhibited both lower lows and lower highs, which were indicative of a bearish trend.
The RSI (Relative Strength Index) declined significantly over the last few days, implying that bullish momentum around the token has waned materially in the past few days.
Moreover, the CMF (Chaikin Money Flow) for the token also fell, which suggested that the money flowing into the AI token has declined.
AGIX was a bigger victim of the bears, with prices falling by 12.77% in the last 24 hours. The price movement was similar to FET’s.
However, unlike the CMF for FET, AGIX’s CMF was relatively higher indicating that the money flowing into the token remained high. RSI was negative, indicative of waning bullish momentum for the token.
OCEAN was no different and wasn’t spared by the bears. In the last 24 hours, the token fell by 3.97%.
Moreover, the RSI and CMF were also negative implying that bullish momentum and money flow declined for the token.
Read Artificial Superintelligence Alliance’s [ASA] Price Prediction 2024-25
On the social front
In terms of social activity, all the tokens witnessed a decline in interest as social volumes for these AI tokens fell significantly.
Moreover, the weighted sentiment for all three tokens also declined, suggesting that the number of negative comments around these tokens surged materially in the last few days and outnumbered the positive ones.
