- Market sentiment around the AI token turned bearish in the last few days.
- Most technical indicators hinted at a continued price drop.
As an analyst, I’ve observed that the Artificial Superintelligence Alliance (FET) has been orchestrating the token’s price movements, particularly during significant corrections. But it’s crucial to note that this dynamic could shift swiftly if a specific condition is fulfilled. Let’s delve deeper into the current state of FET
FET to turn bullish again?
As a crypto investor, I would rephrase the statement like this: Last week, CoinMarketCap’s data indicated that FET‘s price plummeted by an enormous 14% due to a significant correction. Over the last 24 hours, the bears managed to keep control of the token and force it down by over 8%
Currently, as I type this, FET is being exchanged for approximately $1.11 each, and its total market value exceeds $2.7 billion, positioning it as the 28th most valuable cryptocurrency in circulation
Due to the decrease in the token’s weighted sentiment and its price, both fell. This signifies that the sentiment towards the token became bearish (negative) and the token’s price decreased in the market. However, its social volume remained stable, suggesting that FET‘s popularity in the crypto space remains constant. In simpler terms, this indicates that the public perception of the token did not change significantly, but the token’s popularity within the cryptocurrency world continues to be high
In simpler terms, Chart’s well-respected cryptocurrency analyst recently shared a tweet indicating that the current trend could potentially be short-lived, as the token is being tested for its critical support level
Investors will have an opportunity to observe FET setting sail for its second journey, which is expected to reach $1.5 once more. In this context, it means that FET has completed a previous journey and is now starting another journey with the goal of reaching $1.5 again
What to expect from FET
Given the potential for FET to become bullish, AMBCrypto examined its chain data to determine how probable it was that the token would show gains. Based on our evaluation of Santiment’s data, there has been a significant rise in buying pressure on the token over the past few days
It was clear that more FET was being supplied off-exchange, indicating a decrease in supply on exchanges. Additionally, an uptick in exchange outflows suggested that investors were indeed purchasing FET
On the contrary, it appears that the whales weren’t very assured about the token since the quantity held by leading wallets decreased on September 3rd. Consequently, we looked into Hyblock Capital’s records for more information
In my research, I’ve found that at the current moment, the Financial Entities Token’s whale-vs-retail delta stood at zero. To break it down simply, this metric spans from -100 to 100, with a value of 0 indicating an equal balance between whales and retail investors. Essentially, this suggests that both groups hold the same amount of tokens at present
Read FET Price Prediction 2024- 2025
In simpler terms, we examined the token’s daily performance to gain a clearer understanding of the likelihood that the asset (Fet) will pass its stress test successfully. The technical chart used the Probability of a Bearish Cross-Over as an indicator
As I, the researcher, analyze the market trends, it’s important to note that both the Relative Strength Index (RSI) and another unspecified indicator have signaled a downturn. This suggests that FET may struggle to hold its support, potentially leading to a prolonged price drop
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2024-09-04 15:04