Mergers between two companies in the crypto industry are rare. Still, it is even rarer to see three companies come together as Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) plan to.

Whether this will turn out to be a spectacular or a disastrous spectacle is yet to be determined.

Earlier this week, SingularityNET announced that it would merge with Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI). The merger will unify the three networks into one Artificial Intelligence (AI) network.

Currently, these three tokens are worth around $3.2 billion combined. Following the merger, ASI is targeting a market cap of $7.5 billion, which would place the token among the top 20 cryptocurrencies in the world.

The merger is expected to begin on June 11 and be completed by June 13, after which the three tokens cease to exist. Token holders until June 13 will have a chance of swapping their holdings for ASI.

However, with a market cap target of 2x the current valuation of these three assets, the question arises if this is a possibility or a simple fantasy.

Fetch.ai (FET)

Fetch.ai’s price has been consolidating for the past two months, with every breakout attempt failing so far. FET is changing hands at $2.11, moving within the range of $1.95 and $2.49.

The Relative Strength Index (RSI) is in the bearish zone under the neutral line of 50.0. The RSI is a momentum oscillator that measures the speed and change of price movements. It currently signals a bearish outcome over the next week, likely keeping FET consolidated.

Read More: How Will Artificial Intelligence (AI) Transform Crypto?

SingularityNET (AGIX)

AGIX price has been doing well on the macro time frame. The altcoin has observed a consistent uptrend for the past two months, bringing the trading price to $0.89. AGIX is currently sitting under the critical resistance of $1.00.

If this barrier is breached, the crypto asset would have a shot at rising further towards rallying beyond $1.07. 

Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

However, this could take a while, and the anticipated merger date, June 11, is less than a week away.

Ocean Protocol

OCEAN’s price action has not been too impressive, either. The altcoin has been consolidating between $0.84 and $1.02 for a solid eight weeks. OCEAN nearly breached the upper limit once but failed to sustain the rise, returning to the trading price of $0.89.

The chances of the altcoin dipping to test the support floor of $0.84 are much higher than a breakout. 

Read More: Top 12 Crypto Companies to Watch in 2024

Thus, given the current market conditions and despite the rise in AI, these three tokens are witnessing slow growth. The potential of these assets combining and skyrocketing from positions 60, 80, and 143 to become a top-20 asset seems a little difficult.

The post ASI Formation by FET, AGIX, and OCEAN: What It Means for Prices appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

144 +