- FET, AGIX and OCEAN witnessed massive price corrections over the last few days.
Social volume and social sentiment around the tokens also waned.
As an experienced analyst, I believe that the recent price corrections and waning social volume and sentiment around FET, AGIX, and OCEAN may be a result of profit-taking or selling the news after the Artificial Superintelligence Alliance (ASA) announced its token merger plan.
After numerous rumors and anticipation, the Artificial Superintelligence Alliance (ASA) announced the commencement of the first stage of its token merge in an authoritative statement.
This represents a major advancement in the alliance’s mission to establish a single AI token named ASI. The upcoming merger will fuse the tokens from 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?
In spite of the recent announcement, the values of FET, AGIX, and OCEAN experienced substantial decreases as of the current reporting. Specifically, FET was priced at $1.16 during this assessment, representing a 4.02% decrease in value over the previous 24 hours.
Starting on May 23rd, the price of FET showed a downward trend with successively lower highs and lower lows, suggesting a bearish market direction.
Over the past few days, the RSI (Relative Strength Index) for this token has noticeably dropped, signaling a substantial decrease in bullish energy and buying pressure.
Additionally, the Chaikin Money Flow (CMF) indicator for the AI token decreased, implying a reduction in the amount of capital flowing into the token.
In the previous 24 hours, AGIX experienced a more significant decline compared to other tokens, with its price dropping by approximately 12.77%. This downturn mirrored the trend seen in FET‘s price movement.
Although the Comparative Market Function (CMF) for FET showed a lower value compared to AGIX‘s CMF, this implies that more funds were flowing into AGIX than FET. On the other hand, the Relative Strength Index (RSI) of AGIX signaled a decrease in bullish pressure, suggesting waning momentum for the token.
The bears showed no mercy towards OCEAN, causing a decline of 3.97% in its value over the past day.
Additionally, the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) indicators both showed negative values. This signifies a decrease in buying momentum and money flowing into the token.
Read Artificial Superintelligence Alliance’s [ASA] Price Prediction 2024-25
On the social front
In regard to social engagement, there was a noticeable decrease in enthusiasm towards these AI models as their social interaction levels marked a substantial drop.
Additionally, the sentiment analysis weighed down for all three keywords indicated a significant increase in negative feedback during the recent period. This surge in negative comments overshadowed the positive comments, resulting in a net negative outcome.
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2024-07-10 08:07