TLDR
- Fetch.ai completed integration with CUDOS network through Proposal 33
- Trading volume increased 93.89% to $121.26 million after the upgrade
- New partnership with Injective enables improved cross-chain functionality
- Price support holding at $1.25 with analysts targeting $5-13 range
- Open interest in derivatives rose 3.22% following network developments
Fetch.ai has successfully implemented a major network upgrade through Proposal 33, integrating the CUDOS network into its mainnet infrastructure.
The upgrade merges all CUDOS tokens and staked assets according to predetermined token ratios, with assets subject to a three-month vesting schedule.
The integration process went smoothly, with validators quickly restoring network consensus and maintaining stable operations.
This development expands Fetch.ai’s decentralized computing capabilities, particularly in areas of artificial intelligence and blockchain applications.
In parallel with the CUDOS integration, Fetch.ai announced a new partnership with Injective, a decentralized finance protocol.
This collaboration involves replacing Fetch.ai’s existing Inter-Blockchain Communication protocol light client with Injective’s technology, aimed at streamlining cross-chain asset transfers between both networks.
Market response to these developments has been positive, with trading volume rising to $121.26 million, marking a 93.89% increase.
The derivatives market has shown renewed interest, demonstrated by a 3.22% rise in open interest, indicating an uptick in active trading positions.
Fetch.ai’s role in the Artificial Superintelligence Alliance continues to evolve through these upgrades. The alliance, which includes partners like SingularityNET and Ocean Protocol, focuses on advancing decentralized AI technologies and applications.
Technical analysts are monitoring FET’s price movements closely following these developments. A notable breakout from a descending channel pattern has caught attention, with the price currently testing support around $1.25. Multiple resistance levels lie ahead at $1.40, $1.70, and $2.10.
The formation of a Cup and Handle pattern has emerged in recent price action, typically considered a bullish indicator. The Relative Strength Index currently sits at 44.68, suggesting room for potential upward movement without entering overbought territory.
Market analyst World of Charts has identified a $5 short-term target based on technical analysis, while analyst DamiDefi projects a more ambitious $13 price target.
These predictions factor in the technical breakout, increased trading activity, and successful network implementation.
Trading metrics show heightened market participation, with daily trading volumes nearly doubling. The surge in open interest suggests traders are opening new positions rather than just closing existing ones.
The CUDOS integration brings immediate technical enhancements to the network, allowing for more efficient processing of AI and blockchain operations. Validators played a key role in ensuring a smooth transition during the upgrade process.
The Injective partnership focuses on practical improvements to cross-chain functionality, potentially opening new opportunities in the DeFi sector. This technical upgrade aims to reduce friction in asset transfers between different blockchain networks.
Current price action shows FET maintaining support at $1.25, with traders watching for confirmation of the recent technical patterns. Volume indicators suggest increased market participation following the network upgrades.
The three-month vesting schedule for merged CUDOS assets provides a structured approach to token integration, helping maintain market stability during the transition period.
Latest market data shows continued growth in trading activity, with sustained interest in both spot and derivatives markets following the upgrade completion.
