Key Takeaways
- FET price shows signs of recovery from a $0.23 low, with technical indicators suggesting easing bearish pressure.
- Recent price drops were influenced by U.S.-China trade tensions and issues surrounding Ocean Protocol’s token handling.
- Fetch.ai’s CEO is pursuing legal action against Ocean Protocol for disputed token transfers.
- Fetch.ai is implementing a weekly 50 FET token burn per wallet registered on asi1.ai to support token value.
FET Price Shows Potential for Recovery
Fetch.ai (FET) is exhibiting early signs of a potential recovery, having bounced from a recent low around the $0.23 mark and currently trading near $0.26. This upward movement suggests that the intense selling pressure may be subsiding.
📊 Technical indicators are providing a more optimistic outlook. FET is attempting to reclaim its 7-day Simple Moving Average (SMA), a positive sign for short-term momentum shifting in favor of buyers. The Relative Strength Index (RSI) is also presenting early divergence; while the FET price recently made a lower high, the RSI posted equal highs and is now curling upwards from deeply oversold territory near 27, indicating that bearish momentum might be close to exhaustion.
If FET can maintain its position above the established support at $0.23, especially with a decrease in trading volume on sell-offs, gradual accumulation could occur. This could lay the foundation for a potential climb towards the $0.40 level, which corresponds to the 0.382 Fibonacci retracement. This level was previously breached during a broader crypto market sell-off on October 10, exacerbated by renewed trade tensions.
⚡ A successful reclaim of the $0.40 resistance level, coupled with the RSI climbing above 30 from its oversold state, would serve as an early confirmation that a significant reversal could be underway. A further breakthrough above this point might pave the way for a continued ascent towards the $0.60 mark, a previous consolidation base that broke down before the sharp decline on October 10.
Factors Contributing to FET’s Price Decline
Impact of Geopolitical Tensions and Ocean Protocol Fallout
The recent sharp decline in FET price, approximately 30% on October 10, occurred during a broader crypto market downturn. This slump was largely triggered by escalating U.S.-China trade tensions following President Donald Trump’s announcement of a 100% tariff on Chinese tech exports and export controls on critical software. This development led to significant market reactions across cryptocurrencies, with Bitcoin (BTC) dropping to $104,782 and Ethereum (ETH) falling to $3,637, while many altcoins experienced double-digit losses.
Adding to the volatility, Ocean Protocol, a key partner within the Artificial Superintelligence Alliance, announced its withdrawal from the collaboration on October 9, just prior to the widespread market crash. Subsequent on-chain analysis revealed a significant transaction: a multisignature wallet associated with Ocean Protocol converted 661 million OCEAN tokens into 286 million FET tokens on July 1. These FET tokens were then distributed, with approximately 270 million FET sent to exchanges like Binance and GSR Markets.
In response to these events, Humayun Sheikh, Fetch.ai’s CEO, declared his intention to fund multiple class-action lawsuits across various jurisdictions to address the disputed token transfers by Ocean Protocol. He publicly announced plans to personally finance these legal actions and set up a channel for affected token holders to submit their claims.
If you are or were a holder of $fet and have lost money during this Ocean action be ready with your evidence. I am personally funding a class action in 3 or possibly more jurisdictions. I will be setting up a channel for all to submit your claims. Hold tight and be ready!
— Humayun (@HMsheikh4) October 16, 2025
Investigation and Bounty for Information
Furthering the pursuit of accountability, Sheikh announced on October 21 the offer of a $250,000 bounty. This reward was intended for information that would lead to the identification of the signatories behind Ocean Protocol’s multisig wallet. The goal was to uncover the individuals responsible for converting and distributing the approximately 286 million FET tokens, valued at around $120 million at the time, to exchanges without proper disclosure.
I’m offering a $250k reward to anyone who can uncover the OceanDAO signatories and their connections to Ocean Foundation ! https://t.co/PmGBtou9vI
— Humayun (@HMsheikh4) October 21, 2025
📍 The bounty period has since concluded, with Sheikh confirming that all necessary information has been received from verified contributors, and the reward will be distributed accordingly.
Fetch.ai Implements Token Burns to Support Value
Weekly FET Token Burns Initiative
In a move aimed at restoring value for FET holders and bolstering the token’s utility, Humayun Sheikh announced on October 23 a new initiative. For every Fetch.ai wallet that creates an account on asi1.ai, the Fetch Foundation will initiate a burn of 50 FET tokens. These burns, along with reconciliations, are scheduled to take place on a weekly basis.
For every fetch wallet which creates an account on https://t.co/N2w9qm1YdZ , fetch foundation will burn 50 $fet. Reconciliations and burn every week. Let’s push the utility and create value.
— Humayun (@HMsheikh4) October 23, 2025
Final Thoughts
The FET token is showing early signs of price stabilization following a period of significant decline. This potential recovery is being supported by technical indicators and strategic initiatives from the Fetch.ai project, including the implementation of weekly token burns to reduce supply and enhance value perception.