Will FET soar 12% to reach $5 before the second phase of ASI Token merger?

The renamed Fetch.AI (FET) has returned to the price range of $1.4 in the market recovery and is currently testing the resistance level at $1.5. Over the weekend, the AI Token rose nearly 40%, seemingly preparing for a breakthrough. Market observers have made predictions about the short-term and long-term goals of the Token after the merger of the Artificial Intelligence Super Alliance (ASI) Token.

This month, the Artificial Superintelligence Alliance has initiated the first phase of the ASI Token merger process. The process starts with renaming Fetch.AI's name and logo to the Alliance's name. In addition, FET has updated its supply and market capitalization, but temporarily retains its stock code.

After the renaming, despite FET surpassing other AI Tokens such as Render (RNDR) and becoming the 27th largest Cryptocurrency by Market Cap, its price still dropped by nearly 10%.

At that time, the FET token fell below the support level of $1.4 and dropped to the price range of $1.2, and then recovered above the key level of $1.3. The market pullback dragged the price of FET below $1.1, which is a level not seen since the end of February. This performance fell 26% from its opening price of $1.45 in the third quarter.

As the market recovers from the pullback in July, FET surged 38.7% over the weekend. The AI Token pumped from the price level of $1.11 and reclaimed the support area of $1.4 on Monday. Some market observers emphasize the steady recovery of FET, indicating that the Token is maintaining a bullish trend and is poised to achieve triple performance.

On Thursday, World of Charts pointed out the recent price trend of FET. For analysts, the Token is breaking through the falling wedge pattern, expecting a "large-scale bullish wave" in the coming days, and the price will reach $5.

Cryptocurrency analyst Posty shared a similar view with his X fans. In the post, Posty claimed that AI Token "looks much better here" and may break the falling wedge pattern. However, he stated that reclaiming the $1.75 resistance level is key to further pump.

Similarly, another analyst believes that the Closing Price breaking through the $1.7 mark will push the price to a new all-time high (ATH). According to the post, breaking through the three-month downtrend line could send FET soaring to $13 after the ASI Token merger.

The ASI Alliance announced that on July 22nd, it will hold an X Space meeting with Fetch.ai's CEO and ASI's Chairman Humayun Sheikh to discuss the latest developments.

The encryption community has responded positively to this news, expressing excitement for the second phase of ASI Token merge. This phase includes the launch of ASI and the migration of FET Token to a new Token.

In the past 24 hours, FET surged 12%, reaching the $1.54 mark. AI Token pumped 25% and 18% on the weekly and monthly timeframes respectively.

(Data source: Rubmar Garcia)