LUCKNOW (CoinChapter.com)—Fetch.AI plans to merge its tokens with two other artificial intelligence crypto projects to establish the “Artificial Superintelligence Alliance” (ASI). The firms aim to counteract the centralized dominance of big tech firms in the artificial intelligence (AI) industry.
Core Development: Formation of ASI
Fetch.AI’s native token, FET, would become the native token of the alliance with the ticker ASI. The token would have a total supply of 2.63 billion ASI tokens, along with SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens.
The firm claimed that the merger would be the first step towards creating an open and transparent artificial intelligence infrastructure, distinct from the current models.
Market optimism greeted the merger announcement, as the three tokens started a rally almost immediately after the announcement.
We are forging a different path. Our mission with this token merger is to combine our platforms to ensure ethical and transparent AI that facilitates direct interactions between developers and users to bypass the traditional gatekeepers of centralized authorities.
Humayun Sheikh, Fetch.ai CEO & Founder, said
Despite the potential benefits, the merger faces significant challenges, including integrating diverse technologies and communities, navigating regulatory complexities across jurisdictions, and ensuring broad adoption by developers, businesses, and users.
The proposed entity aims to create an open, decentralized AI infrastructure, unlike the existing systems.
FET Price Rallies To New ATH Following News of Fetch.AI Plans
Meanwhile, FET price charted a new ATH following the token’s 36.4% rise WTD to reach a high near $3.41 on March 28. A correction after posting a new ATH is common as traders start selling to book profits. However, the token seems to be going strong.
Moreover, the relative strength index or the RSI for FET entered the overbought region, clocking a value of 70.07 on the daily charts. The RSI is a momentum indicator for measuring asset price movements to identify overbought or oversold conditions.
Overbought RSI levels and upward-moving average trendlines indicate a strong presence of bulls in the market. However, traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish reversal or consolidation phase for the underlying token.
As such, a correction would likely force the artificial intelligence token’s price to the 20-day EMA (red wave) support near $2.65. Moreover, breaking below the immediate support level might cause the Fetch.AI token price to drop to the 50-day EMA (purple wave) support near $2 before recovery.
Conversely, a continued uptrend would likely push FET into price discovery, where the token could face resistance near $3.72. However, breaking past the immediate resistance could help FET price target the resistance near $4.5.
