The upgrade merges Fetch AI’s mainnet with the CUDOS network, consolidating CUDOS tokens and staked assets under a three-month vesting timeline.
With the successful completion of its network update in accordance with Proposal 33, Fetch AI has reached a significant milestone for the decentralized platform that focuses on artificial intelligence. The upgrade seamlessly integrates the mainnet of Fetch AI with the CUDOS network.
This integration results in the consolidation of all CUDOS tokens and staked assets in accordance with predetermined token ratios and a vesting timeline that spans three months.
Fetch AI Completes Network Upgrade
The upgrade has resulted in analysts being enthusiastic about the possible impact on the price of Fetch.ai (FET), with some of them expecting large gains. The integration of the CUDOS mainnet into Fetch AI has added new interoperability and functionality to the ecosystem.
By combining with CUDOS, Fetch AI has expanded its capabilities in decentralized computing, which has made it possible for applications based on blockchain technology and artificial intelligence to be more effective and scalable. Following that, the Fetch AI team expressed their gratitude to its validators for their prompt and professional efforts.
These validators ensured the smooth execution of the network upgrade, leading to the restoration of consensus formation and stable network operations. Fetch.ai also noted the patience and support shown by the community throughout the upgrade.
This integration lays the way for additional advances; therefore, it emphasizes the importance of the community’s support. Fetch.ai intends to increase its position within the Artificial Superintelligence (ASI) Alliance, which is a coalition of decentralized artificial intelligence platforms that includes SingularityNET and Ocean Protocol.
New Cross-Chain Opportunities with Injective Partnership
Moreover, Fetch.ai is making significant progress in the area of cross-chain interoperability by means of a recent agreement with Injective, which is a protocol for decentralized finance (DeFi). As a result of this collaboration, Fetch.ai can replace its Inter-Blockchain Communication (IBC) protocol lite client with Injective’s developed technology.
This makes it possible for Fetch.ai and injective networks to move assets across their respective chains in a more coordinated and effective manner. Market watchers believe this could create new opportunities for DeFi, strengthening its ecosystem.
Trading volume has climbed by 93.89% to reach $121.26 million, indicating that market activity surrounding Fetch.ai derivatives has already increased from its previous level. Additionally, open interest, which is a metric that indicates the total number of outstanding derivative contracts, has witnessed an increase of 3.22%, which indicates that traders are showing increased interest in the market.
Analysts Predict Strong Price Potential for FET
This increased activity is a reflection of the growing confidence of the market as well as a possibly bullish feeling regarding the recent enhancements brought about by Fetch.ai. Market experts are closely monitoring the price action of FET due to the improvements in the network and the collaborative efforts.
The technical analyst known as “World of Charts” recently observed a breakout from a descending channel, which pointed to the possibility of a reversal from the bearish trend that had been occurring previously. The price retested this level after breaking out, indicating a potential bullish trend.
According to World of Charts, this configuration has the potential to drive FET closer to its goal price of $5 in the immediate term.In a more upbeat and positive note, cryptocurrency analyst DamiDefi has predicted that the price of FET might reach as high as fourteen dollars.
According to DamiDefi, the combination of the technical breakout, increasing trading activity, and the successful network upgrade gives a strong foundation for additional price rises. The recent creation of a “Cup and Handle” pattern, an indicator of bullish continuation, supports this prognosis.
If the FET market breaks out of this pattern with high volume, then it is possible that the price will increase significantly. The Relative Strength Index (RSI) for FET remains within a neutral zone at approximately 44.68, suggesting that there is potential for the asset to move upward without experiencing overbought conditions.
Additionally, the price is currently testing a major support level, which is situated around $1.25. If it can hold, this level might provide a good platform for additional rises. This might be a confirmation of stronger bullish momentum, which could potentially lead to new highs, according to analysts. Breaking over resistance levels at $1.40, $1.70, and $2.10 could provide this confirmation.
