The merger of three AI-themed tokens into one has impacted the price of Fetch.ai (FET). Initially, the token rallied, nearly retesting $2. However, a 7.25% drop since July 17 has curbed this attempt.
Despite the setback, on-chain analysis suggests that FET still presents a long-term investment opportunity.
Read more：The market value of Artificial Superintelligence Alliance soared by US$228 million overnight, but the token price fell all the way
The Artificial Superintelligence (ASI) merger, currently in its first phase, has seen 640 million SingularityNET (AGIX) tokens and 224 million Ocean Protocol (OCEAN) tokens migrate to ASI.
This totals 864 million tokens now under the Fetch.ai alliance.
Fetch.ai’s market dynamics can be analysed through the MVRV ratio (Market Value to Realized Value).
This ratio helps determine if a crypto asset is overvalued or undervalued relative to its fair value.
A higher MVRV ratio suggests holders have more unrealized profits and may sell, while a lower ratio indicates unrealized losses, leading holders to retain their tokens.
Currently, Fetch.ai’s MVRV ratio is -33.78%, suggesting an optimum buying opportunity.
Fetch.ai 30-Day MVRV Ratio. Source:Santiment
The Bulls and Bears indicator further supports this analysis.
Bulls are addresses that buy 1% of the total trading volume, while bears sell a similar amount.
With eight more bulls than bears, a significant price increase for Fetch.ai may be on the horizon.
Fetch.ai Bulls And Bears. Source:TradingView
FET entered a steep correction phase after the price dropped by 42% between the last week of June and the first few days this month.
However, the token has, however, experienced a better period recently. Despite a slight drawback to $1.39, the Moving Average Convergence Divergence (MACD) reveals that the uptrend is not over.
The MACD helps traders identify price trends by analyzing the movement of two Exponential Moving Averages (EMAs). Usually, the EMAs involved are 12 (blue) and 26 (orange) EMAs. A net negative reading of the MACD implies bearish momentum.
Fetch.ai Daily Analysis. Source:TradingView
However, for FET, it is bullish, indicating that the price could be ready to swing higher. If validated, the next area of interest for the token to reach is $1.68.
Should it cross that zone, then it may look at retesting $1.88. However, if selling pressure comes into play, this forecast could be neutralized. If that is the case, FET’s price may drop toward $1.04.
Fetch.ai’s key network upgrade with CUDOS mainnet integration has boosted its AI and DeFi capabilities, driving a 93.89% increase in trading volume and a 6% rise in FET token value.
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