Despite the long-anticipated announcement of the Artificial Superintelligence Alliance (ASA) merger, prices for Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) tokens have experienced significant declines over the past few days.
Initial Phase of ASA Merger Announced
After months of speculation, the ASA confirmed the initial phase of its two-part token merger in an official press release. This merger marks a crucial step towards creating a unified AI token, ASI, to establish a strong foundation for a decentralized AI ecosystem.
Market Reaction: “Buy the Rumor, Sell the News?”
Despite the merger announcement, FET, AGIX, and OCEAN tokens faced substantial price corrections. As of the latest data, FET is trading at $1.16, showing a 4.02% decline over the past 24 hours. The token’s price began its downward trend on May 23, characterized by lower lows and lower highs, indicative of a bearish trend. The Relative Strength Index (RSI) for FET has also declined significantly, suggesting waning bullish momentum. However, it’s important to note that the market is dynamic and there’s always potential for recovery. Additionally, the Chaikin Money Flow (CMF) for FET has fallen, indicating a decrease in money flowing into the token.
AGIX has been hit harder by the bearish market, with prices dropping by 12.77% in the last 24 hours. However, it’s important to note that AGIX has shown resilience in the face of market challenges. Although the CMF for AGIX remains relatively high, indicating that money flows into the token are still substantial, the RSI shows a negative trend, highlighting diminished bullish momentum.
The bears have not spared OCEAN either, with a 3.97% decline in the last 24 hours. While OCEAN has faced challenges, it’s important to remember that the market is cyclical and there’s always potential for recovery. RSI and CMF indicators are negative for OCEAN, reflecting a decrease in bullish momentum and money flow.
Decline in Social Activity
In addition to price drops, social activity for FET, AGIX, and OCEAN tokens has also declined. Social volumes for these AI tokens have significantly decreased, and the weighted sentiment has turned negative, indicating an increase in negative comments that outweigh positive ones.
