Kamala Harris’ Endorsement Boosts FET Price – What Comes Next?
Recent statements made by U.S. Vice President Kamala Harris in support of Artificial Intelligence (AI) and cryptocurrencies have had a positive impact on AI tokens such as the Artificial Superintelligence Alliance [FET], leading to an increase in their value over the weekend.
During a fundraising event in New York on September 22, Harris expressed her backing for AI and digital assets, should she be elected as the Democratic presidential candidate.
This public declaration marked Harris’ first commentary on the subject, revealing a supportive stance towards innovation that ignited some excitement within the crypto market.
As of the latest data from CoinMarketCap, FET was trading at $1.68, showing a 6.2% rise within a day and a 27% surge over the past week.
Similar AI and big data tokens like Bittensor [TAO], Render [RENDER], and The Graph [GRAPH] also saw an increase in their prices on the same day.
This positive response from the market underscores the optimism surrounding the future of AI technologies under favorable regulatory environments.
Upcoming Conclusion of Voting Process
In March, Fetch.ai, Ocean Protocol, and SingularityNET joined forces to establish the Artificial Superintelligence Alliance, leading to the creation of the new ASI (FET) token.
Recently, the alliance put forth a proposal for merging with CUDOS, which, upon integration, would become its fourth member.
With the addition of CUDOS’ decentralized cloud computing resources, the alliance aims to efficiently manage its extensive AI workloads while reducing operational costs.
Moreover, the integration of CUDOS will enhance the utility of the ASI token, enabling it to cut down on AI development expenses without compromising computational quality.
Upon merger completion, the conversion rate will be 119 CUDOS for 1 FET after a 5% merge fee deduction.
The voting process on this proposal commenced on September 19 and is scheduled to end on September 24.
Currently, 95.26% of the community has voted in favor of the merger, with 4.74% rejecting it.
If approved, this integration could generate further momentum for ASI (FET) in the upcoming week.
Technical Analysis of FET/USD
From a technical perspective, FET is facing resistance near the $1.77 mark.
The FET/USDT pair is trading above various key moving averages, such as the 50-day and 100-day SMAs, as well as the 50, 100, and 200-day EMAs on the daily chart, indicating a bullish market sentiment.
Currently, the token has support levels around $1.235, a significant psychological price point that could act as a stabilizing factor if the rally pauses.
Although FET has seen substantial growth this month, it is encountering competition from TAO, which is steadily approaching its market cap.
Data from CoinMarketCap suggests that TAO might soon surpass ASI in market position, positioning itself as a key player in the AI token market.