- Ah, FET, the brave little token, seems destined to tumble down to $0.42 next!
- With buyers playing hide and seek, recovery is as elusive as a good joke at a funeral.
Behold the Artificial Superintelligence Alliance [FET], now a proud member of the altcoin club that has plummeted below its 2024 lows! The market sentiment? Oh, it’s as gloomy as a rainy day in a forgotten village. Liquidations worth hundreds of millions are raining down like confetti at a sad parade over the past fortnight.
The relentless selling pressure that sent Bitcoin [BTC] crashing below the $92k range is still lurking around, like an unwanted guest at a party. Investors, beware! With FET diving deeper into the abyss each week, it might be wise to grab some popcorn and watch from the sidelines.
Where will FET mark a local bottom on the charts?
The daily chart reveals a bearish trend so strong, it could lift weights at the gym! The Directional Movement Index’s ADX (yellow) and -DI (red) are both above 20, waving flags of doom. The Choppiness Index, reading at 39.92, tells us the market is less choppy than a bad sitcom, but still firmly in the bearish camp.
Our dear OBV confirms this downward spiral, trending downwards since mid-December. It’s like watching a slow-motion train wreck, characterized by persistent selling volume behind FET. This isn’t a consolidation phase; it’s more like a yard sale where buyers are as scarce as good Wi-Fi in the woods.
The 4-hour chart sheds light on the lower timeframe drama. The $0.6 support from February was tested more times than a bad joke, eventually crumbling in the first week of March. The Fibonacci extension levels reveal that the 23.6% level at $0.482 is about as effective as a wet paper towel against the price.
Thus, it seems likely that FET will retest the $0.48-$0.52 region as resistance before plummeting further. The 61.8% extension level at $0.295 is the next target, while the $0.35-$0.37 level might offer a fleeting moment of support on the way down.
Traders can expect a bounce to $0.5-$0.52, followed by a drop to $0.37 or $0.42. If this downtrend continues, brace yourselves for more losses and a potential nosedive to $0.295. Buckle up, folks! 🎢
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2025-03-12 08:09