Artificial Superintelligence Alliance (FET) is experiencing a long-term bearish trend, pushing the price closer to the critical support level at $0.966. This continued downward pressure has raised concerns among investors as the cryptocurrency continues to extend its bearish momentum.
The resistance point at $0.966 now serves as a key point of interest, determining whether the FET can reverse its current trajectory or continue its decline. Market participants are closely monitoring these developments and analyzing technical indicators and market sentiment to gauge the potential for a recovery or further decline.
This article aims to analyze the extended bearish trend affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $0.966 resistance level.
FET’s price was trading at around $1.30 and down 3.10% with a market cap of over $3 billion and a trading volume of over $99 million at the time of writing. There is a 24-hour decline of 3.28% and 29.79% in FET’s market capitalization and trading volume, respectively.
FET price under bearish pressure
Currently on the 4-hour chart, FET is actively trading bearishly below the 100-day Simple Moving Average (SMA) and the bearish trendline, falling towards the crucial resistance line at $0.966.
The 4-hour Composite Trend Oscillator also confirms more bearishness for FET, as both the indicator’s signal line and SMA continue to trend within the oversold zone.
The 1-day chart shows that the FET is trading very bearishly below the 100-day SMA and the trend line. After a rejection at $1.862, FET price has seen a prolonged bearish move towards the $0.966 support level.
Finally, the 1-day composite trend oscillator signals that FET could extend its bearish trend towards the $0.966 support level as the signal line and the SMA are still trending in the oversold zone.
Will FET’s Price Breakthrough Or Face A Rejection?
In conclusion, it can be noted that as the price of FET continues to move towards the resistance line at $0.966, it may break its bearishness or face rejection and start rising.
Therefore, while examining the possible outcomes of the coin, it was discovered that if the price of FET reaches the $0.966 support level and breaks below, it may continue to decline to test the $0.459 level and may continue to challenge other lower levels if it exceeds $0.459. level.
However, if the crypto asset is rejected at the USD 0.966 support level, it will start rising towards the USD 1.862 resistance level. When this level is breached, it may continue to rise to test the USD 2,564 resistance level and may continue to test other higher levels if it breaches the USD 2,564 level.