FET Bearish Descent Targets Key $0.966 Level, More Dips Ahead?

Godspower Owie

Last Updated: July 3, 2024 12:30 pm

2 mins read

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Artificial Superintelligence Alliance (FET) is experiencing a prolonged bearish trend, pushing its price closer to the critical $0.966 support level. This sustained downward pressure has raised concerns among investors, as the cryptocurrency continues to extend its bearish momentum.

The $0.966 resistance mark now serves as a significant point of interest, determining whether FET can reverse its current trajectory or continue its descent. Market participants are closely monitoring these developments, analyzing technical indicators and market sentiment to gauge the potential for a rebound 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 was down by 3.10% with a market capitalization of over $3 billion and a trading volume of over $99 million as of the time of writing. There has been a 24-hour decrease of 3.28% and 29.79% in FET’s market capitalization and trading volume respectively.

FET Price Under Bearish Pressure

Currently, FET on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA) and the bearish trend line, dropping toward the crucial $0.966 resistance mark.

The 4-hour Composite Trend Oscillator also confirms more bearishness for FET as both the signal line and the SMA of the indicator continue to trend inside the oversold zone.

On the 1-day chart, it can be observed that FET is very bearish trading below the 100-day SMA and the trend line. Following a rejection at $1.862, the price of FET has been on an extended bearish move heading toward the $0.966 support level.

Lastly, the 1-day composite trend oscillator signals that FET may extend its bearish trend toward 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

Conclusively, it can be noted that as the price of FET continues to move toward the $0.966 resistance mark, it may break through its bearishness or face rejection and begin to rise.

Therefore, exploring the possible outcomes of the coin, it was discovered that if FET’s price reaches the $0.966 support level and breaks below, it may continue to decline to test the $0.459 level and potentially move on to challenge other lower levels if it breaches the $0.459 level.

However, if the crypto asset faces rejection at the $0.966 support level, it will begin to ascend toward the $1.862 resistance level. When this level is breached, it may continue to climb to test the $2.564 resistance level and may move on to test other higher levels if it breaches the $2.564 level.

FET trading at $1.29 on the 1D chart | Source: FETUSDT on Tradingview.com

Featured image from Medium, chart from Tradingview.com

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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