As the altcoin prepares for its demise ahead of the formation of the Association for Artificial Intelligence (ASI), the Fetch.AI (FET) price is taking its final blow.
FET, AGIX (SingularityNet), and OCEAN (Ocean Protocol) are expected to collaborate next month to see these three tokens dissolved.
Fetch.ai investors are not seeing any bullish signals.
It is pointless to expect a price increase or recovery for Fetch.ai as the token will expire within a month. With FET becoming an ASI along with OCEAN and AGIX, token holders do not currently receive much incentive.
However, until collaboration occurs, altcoins will still be subject to broader market signals, which could result in a bottom. Investors won't do much to change that, either.
Conviction was recently dealt a blow when FET fell from $2.2 to $1.2. The average coin age also showed a sharp decline, but has now turned to an upward trend. The former is an indicator of token movement between addresses, while the latter suggests hodling.
But even as investors hodge-podge, they are unimpressed with current market conditions. Their sentiment towards FET remains bearish, and its intensity has reached its lowest point for the year.
The last time the Weighted Sentiment Index was this low was in July 2023.
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This weakness, combined with the strength from FET hodling, paints a bearish-neutral outlook.
FET price prediction: sideways outlook
Considering the aforementioned clues, the Fetch.ai price of $1.2 is likely to bottom out in the coming days. Potential limits to this sideways momentum would be $1.7 and $1.0.
This level has been tested as support in the past and as resistance recently. So altcoins will be stuck in these limits until ASI is formed in July.
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However, if volatility in the cryptocurrency market affects FET, we can expect prices to rise. This would invalidate the bearish neutral logic if the price were to break through the upper limit, which would result in a bottom.
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