FET surges as Kamala Harris backs crypto and AI – What’s next?

• ASI’s FET token and other AI-related cryptocurrencies charted minor gains.
• ASI sought to integrate CUDOS as a new alliance member in a merger that would expand the FET token’s utility.

AI tokens, including Artificial Superintelligence Alliance [FET], came off the weekend trading higher, buoyed by remarks on Artificial Intelligence (AI) and cryptocurrencies by U.S. Vice President Kamala Harris.

Speaking to donors at a fundraising event in New York on the 22nd of September, the Democratic presidential candidate voiced her administration’s support for AI and digital assets if elected to the top office.

Harris’s comments on the matter, her first in public, signaled a pro-innovative stance, spurring mild enthusiasm in the niche crypto market.

At press time, FET was trading at $1.68, up 6.2% in a day and 27% over the past week as per data from CoinMarketCap.

Source: TradingView

Other AI and big data tokens, including Bittensor [TAO], Render [RENDER], and The Graph [GRAPH], have also registered a price uptick on the day.

The latest market reaction highlights optimism about the future of AI technologies under favorable regulatory conditions.

The voting ends soon

Fetch.ai, Ocean Protocol, and SingularityNET merged in March to form the Artificial Superintelligence Alliance, resulting in the new ASI (FET) token.

Earlier this month, the alliance proposed a merger involving the integration of CUDOS, which would make the latter the fourth member.

As part of the arrangement, the CUDOS network will provide critical decentralized cloud computing resources, helping the alliance manage its large-scale AI workloads cost-effectively.

In addition to reducing AI development costs without comprising high computational standards, CUDOS’ integration will add to the utility of the ASI token.

The merger will follow an adjusted conversion rate of 119 CUDOS: 1 FET after factoring in a 5% merge fee.

Voting on the proposal opened on the 19th of September and is set to conclude on the 24th of September.

Thus far, 95.26% of community members have voted in favor, while 4.74% have opposed the move.

Notably, the pending approval of the integration could create additional momentum for ASI (FET) this week.

FET/USD technical analysis

From a technical standpoint, FET remains under pressure below the resistance at the $1.77 level.

The FET/USDT pair is trading above key moving averages, including the 50-day and 100-day SMAs as well as the 50, 100, and 200-day EMAs on the daily chart, indicating bullish sentiment.

Source: TradingView

Support levels currently appear at $1.235, a psychological price zone providing a floor for the token if the rally stalls.

Read Artificial Superintelligence Alliance’s [FET] Price Prediction 2024–2025

While FET posted decent gains this month, it faces competition from TAO, which has been closing in on its market cap.

CoinMarketCap data shows that TAO is on the verge of overtaking ASI, positioning itself as a top contender in the AI token market.