The Artificial Superintelligence Alliance (FET) continues to grapple with an extended bearish trend, strategically nudging its price perilously close to the critical support level of $0.966. This extended downward momentum has sparked a sense of concern among investors, creating an air of uncertainty as the cryptocurrency consistently stretches its bearish swing.
The $0.966 mark stands out as a notable fulcrum, tasked with determining whether the FET can maneuver itself out of its current downturn or succumb further to its decline. With bated breath, market participants are keenly keeping their fingers on the pulse of these developments, meticulously dissecting technical indicators and market sentiment to weigh the odds for either a swift comeback or a continued plunge.
The focus of this piece is to provide a comprehensive analysis of the persistent bearish trend that is currently impacting the digital asset, and its implications on the cryptocurrency’s pricing as it tiptoes towards the $0.966 resistance threshold.
At one point, FET’s price was trading at approximately $1.30, with a downward shift of 3.10%. Possessing a market capitalization exceeding $3 billion and a trading volume north of $99 million at the time, the cryptocurrency witnessed a 24-hour slide of 3.28% and 29.79% in its market capitalization and trading volume respectively.
Upon examination of the 4-hour chart, it’s abundantly clear that FET is showing signs of sustained bearish activity, trading below the 100-day Simple Moving Average (SMA) and the bearish trendline, while steadily gravitating toward the pivotal $0.966 resistance point. The 4-hour Composite Trend Oscillator also underlines a further potential bearishness for FET, with both the signal line and the SMA of the indicator persistently trending within the oversold territory.
A review of the 1-day chart makes it apparent that FET is decidedly bearish. Following a disheartening rejection at $1.862, the price of FET commenced an extended bearish trajectory en route to the $0.966 support level. Lastly, the 1-day composite trend oscillator sends a clear warning that FET may continue its bearish spiral towards the $0.966 safety net, as the signal line and the SMA remain entrenched in the oversold zone.
Undeniably, the future of FET hangs in the balance as its price inched closer to the $0.966 resistance mark. It remains to be seen whether it will bounce back from its bearish spiral or face a potential rejection and initiate an upward climb.
Pondering these prospective scenarios, it can be deduced that if FET’s price hits the $0.966 buffer, and breaks below, it may continue its downward spiral, offering a challenge to the $0.459 level, and even potentially testing lower levels if it punctures the $0.459 threshold.
Conversely, should the cryptocurrency find resistance at the $0.966 cushion, it could initiate an upward trajectory, targeting the $1.862 resistance level. From there, should that level be breached, FET may continue its ascent to take a shot at the $2.564 resistance level, and potentially scale even higher if it manages to surpass the $2.564 mark. At the time of conclusion, FET was trading at $1.29 on the 1D chart.
