• Crypto & Funx
• 16 Jul, 2024

The integration of Fetch.ai with CUDOS mainnet led to a 7% rally in FET’s price, reaching $1.35.

Fetch.ai's recent collaborations with Injective enhances cross-chain asset transfers.

FET approached a critical resistance at $1.40, with potential to target $1.71 if bullish momentum builds.

In the latest development, Fetch.ai announced the successful integration with the CUDOS mainnet thereby driving FET price higher by 5% in the last 24 hours. This integration happened via a network upgrade Proposal 33 while merging all CUDOS tokens and staked assets as per the pre-defined token ratios.

The integration of the CUDOS mainnet will bring new functionality and interoperability to the Fetch.ai ecosystem. Besides, this merger also allows Fetch.ai to broaden its decentralized computing capabilities providing room for more scalable and efficient AI and other blockchain-based applications.

As part of the Artificial Superintelligence Alliance (ASI), this integration enables the Alliance to expand and strengthen its position as AI’s influence grows within the crypto market. Speaking on this development, Fetch.ai noted:

“The CUDOS mainnet is now fully integrated, with all CUDOS — including staked CUDOS — seamlessly merged into the Fetch.ai mainnet. This network merger follows the predefined token merger ratios and a 3-month linear vesting schedule.”

“The CUDOS mainnet is now fully integrated, with all CUDOS — including staked CUDOS — seamlessly merged into the Fetch.ai mainnet. This network merger follows the predefined token merger ratios and a 3-month linear vesting schedule.”

Additionally, the Fetch.ai team also acknowledged the rapid and professional efforts of the validators, who ensured that the network upgrade went smoothly. Besides, the artificial intelligence (AI) platform has been making major developments in cross-chain interoperability through its recent partnerships with Defi protocol Injective.

This collaboration enables Fetch.ai to upgrade its Inter-Blockchain Communication (IBC) protocol light client with Injective’s technology, facilitating more efficient cross-chain asset transfers between the Fetch.ai and Injective networks.

The Fetch.ai (FET) Price Analysis

Soon after the development, the FET price rallied more than 7% in the last 24 hours, reaching the $1.35 level as of press time. Moreover, with support from the broader crypto market rally, FET has recouped a majority of its losses over the past week.

The next key resistance for FET is at $1.40, a level it must surpass before making another attempt at the $1.71 mark. This threshold is pivotal in shaping the altcoin’s upcoming trajectory.

Courtesy: Trading View

Current indicators suggest that FET could gradually build bullish momentum, increasing the likelihood of breaking past $1.70 again. Investors remain optimistic, especially as FET nears these critical resistance levels that could enhance its upward potential.

However, one thing to keep in mind is that FET has always maintained a negative correlation to Bitcoin at -0.17. this shows that whenever the Bitcoin price rallies, FET may show a contrasting trend.

Typically, such negative correlations are approached with caution, given Bitcoin’s strong influence on the broader crypto market.