FET Price Plummets by 40% in 30 Days, More Declines Expected
The price of FET has taken a nosedive recently, dropping by a staggering 40% within the last month and an additional 20% in just one week. This significant downturn is reflective of the general weakness seen in artificial intelligence tokens, with technical indicators signaling a continued downward trend.
While smaller whales have been offloading their holdings, larger investors are seizing the opportunity to accumulate more FET, causing uncertainty among traders as to whether a bottom has been reached. The escalating pressure on FET is evident as the ADX remains high, indicating strong downward momentum along with EMA lines maintaining a bearish stance.
FET Whales Behavior Raises Questions
Reports have shown that there are conflicting signals coming from FET whales. The number of addresses holding between 100,000 and 1,000,000 FET has decreased from 404 to 389, while those holding 1,000,000 to 10,000,000 FET have increased from 166 to 180.
This divergence suggests that while mid-sized holders are selling off, larger FET whales are actively accumulating, which is reshaping the market landscape.
Monitoring whale activity is crucial as it has a considerable impact on the price trajectory. With FET showing a 15% decline in the last 24 hours and nearly 50% over the past month, this shift in whale behavior could signify a potential turnaround or signify more volatility ahead.
Downtrend Remains Resilient for FET
Analysis of FET's DMI indicates a very strong downtrend, with the ADX surging to 49.4, almost double in just two days. This sharp increase demonstrates the strengthening bearish trend in the market.
The current downtrend, coupled with the rising ADX, points towards further bearish momentum for FET.
Considering that sellers are dominating the market, indicated by -DI surpassing +DI significantly, FET's price may face additional downward pressure unless there's a notable shift in buying activity.
FET Price Forecast: Bearish Outlook Persists
FET's EMA lines continue to indicate a bearish scenario, with short-term indicators lagging behind the long-term ones. If the current downtrend persists, FET could potentially test support levels at $0.69, a breach of which might lead to a drop to $0.59.
In the event of sustained selling pressure, FET's value could plummet below $0.50 for the first time since December 2023, posing a threat to its position as a significant player in the AI crypto market.
Nonetheless, a reversal in momentum could propel FET towards resistance levels at $0.94. A breakthrough above this barrier could set the stage for a push towards $1.11, and possibly even reach $1.34 in the future.
Stay tuned for more updates and analysis as the FET saga unfolds in the volatile crypto market landscape.
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