Don’t Panic Sell FET: Here’s Why the Dip Could Be Temporary

• FET’s price has dropped significantly but its merger with other AI projects offers future potential.
• Technical indicators suggest the dip may be temporary and FET could be oversold.
• The upcoming ASI Phase 2 development could boost FET’s price in the long run.

Artificial Superintelligence (FET) has plunged a whopping 12.28% amid a broader crypto market crash. Notably, the digital asset sector is eyeing higher prices for the altcoin after the merger between SingularityNET, Fetch.ai, and Ocean Protocol was finalized in July.

As per the data from CoinMarketCap, FET has a market capitalization of $2.1 billion and is ranked as the 33rd largest digital asset in the crypto space. The 24-hour trading volume of the altcoin stands at $101 million, and the cryptocurrency dropped from a high of $0.9196 to $0.84.

Artificial Superintelligence is expected to print big gains once the market resumes uptrend and as per the chart provided by TradingView below, the token is up 316.27% since August 2023. 

As seen from the daily chart above, FET price action has been following a downtrend for quite a while, and the digital asset has declined more than 25% in the past one month. Additionally, the Relative Strength Index (RSI) of the cryptocurrency reads a value of 35.42, which means that the bears are overall in control, and the token was recently in the oversold zone.

On the other hand, the Accumulation/Distribution line shows a bearish trend as well since the accumulation of the cryptocurrency has gone down significantly. However, the gradient of the line suggests a short -term increase in accumulation is possible.

It is important to note that the merger of FET, AGIX and OCEAN produced the Artificial Superintelligence which trades on major exchanges under the ticker FET. Soon, crypto investors will see the onset of the Phase 2 of development which will focus on “onboarding and ASI deployment, prioritizing self-custody holders and deploying ASI tokens across multiple chains,” as per a blog post . 

If the development goes as planned, investors might witness FET token prices reach higher highs and reclaim the $0.9 price level.