FET/USDC - (BUY) FET towards the merge with ASI Token in final phase – objective 2,40
Market & Ticker: Fetch.ai – FET/USDC
Date: 27/08/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
FET recently activated a merge towards #ASI. The Artificial Superintelligence Alliance (ASI) token merger, involving SingularityNET, Fetch.ai, and Ocean Protocol, will be implemented in a two-phase process starting on July 1, 2024. Phase 1 will see the consolidation of SingularityNET's AGIX and Ocean Protocol's OCEAN tokens into Fetch.ai's FET, before transitioning to the ASI ticker in final Phase.
The merger is occurring in a complex period for the crypto market (pause in wave 4 with complex trading range now with BTC) - HOWEVER - the setup is quite clear on FET.
The conviction is high, once the global crypto market will start the trend to 100K BTC we can open the doors to 4,70 on the long run
On current level, 1,08 is defined as key tactical support to keep the bullish set up valid towards 1,65 and 1,90 in a first step before 2,40.
Technical Key Elements:
- Auto similar move potential shows target at 0,70 (Devastation C target abc X abc)
- RSI indicator confirmed bullish signal
- The Moving average are now support
- Fibonacci key support is adjusted at 1,08 while the Elliot wave shows upside potential towards 2,40
Trade Idea conclusion: Buy
- Target 2: 2.40
- Target 1: 1,90
- Tactical support (pivot): 1,08 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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