Fetch.ai Announces $50 Million Buyback FET Price Jumps 5%

The Fetch.ai Foundation has announced a significant $50 million buyback program for its FET token, which serves as the core asset of the newly formed Artificial Superintelligence (ASI) Alliance. This initiative has sparked a nearly 5% increase in the FET price, with technical indicators suggesting a potential reversal in its trend.

At the heart of this AI revolution is the Artificial Superintelligence Alliance (ASI), with FET from Fetch.ai as its central component. The ASI Alliance, established in 2024, is the result of a merger between Fetch.ai, SingularityNET, and Ocean Protocol, forming the largest decentralized AI collective globally. Their tokens have been unified under a single ticker, $ASI, though it still trades as FET on major exchanges pending the final token swap.

Fetch.ai, co-founded by Humayun Sheikh, Toby Simpson, and Thomas Hain, is renowned for its autonomous agents that can transact and optimize tasks without human intervention, bringing AI into real-world, enterprise-grade applications. The $50 million buyback of FET tokens is a clear vote of confidence from the project's leadership, signaling their belief in the token's future value. With approximately 65% of its total 2.63 billion supply already in circulation, this buyback is a powerful indicator of the project's commitment to its growth and utility.

Technical analysis suggests that FET is currently trading around $0.688, rebounding from a local low at $0.71. The digital asset has seen a nearly 5% increase in the past 24 hours, hinting at a potential price surge. The Fibonacci retracement levels, drawn from the recent high of $0.991, indicate potential bullish targets at 0.786 Fib (0.931), 1.618 extension (1.165), 2.618 extension (1.446), 3.618 extension (1.727), and 4.236 extension (1.901). The MACD remains in bearish territory but is converging, with the signal line nearing a crossover, suggesting possible bullish momentum. The RSI sits at 44.86, just below the neutral zone, indicating that FET is oversold but stabilizing. If bulls reclaim the $0.75–$0.80 zone, a retest of the $0.93–$1 level could follow swiftly, potentially triggering a rally toward $1.16 and beyond.