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

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of bull and bear markets. The prolonged bearish trend affecting Artificial Superintelligence Alliance (FET) is a cause for concern, as the digital asset approaches the critical $0.966 support level. This sustained downward pressure has been a recurring theme in the market, with investors closely monitoring every price movement and technical indicator.

The Artificial Superintelligence Alliance (FET) is currently undergoing a prolonged period of decline in the market, causing its price to approach the significant support level at $0.966. This persistent downtrend has ignited worry among investors as FET’s bearish trend continues to gain strength.

The $0.966 resistance level is currently a focal point, influencing whether FET will change direction and rise again or keep sliding down. Investors are keenly observing this situation and using technical signals and market mood to assess if there’s a chance for recovery or more falling prices.

As a researcher studying the digital asset market, I aim to delve into the prolonged downtrend that has been impacting this specific cryptocurrency. I will examine how this trend has influenced its pricing dynamics as it nears the significant resistance level of $0.966.

As a researcher, I’ve observed that FET was priced at approximately $1.30 during my investigation, representing a 3.10% decrease from its previous value. The cryptocurrency boasted a substantial market capitalization surpassing $3 billion and a trading volume exceeding $99 million at the time of analysis. Over the past 24 hours, FET experienced a notable downturn with a 3.28% reduction in market capitalization and a significant decline of 29.79% in its trading volume.

FET Price Under Bearish Pressure

At present, the FET four-hour chart indicates a bearish trend as the price falls beneath both the 100-day Simple Moving Average (SMA) and the bearish trendline. The downward momentum is pushing towards the significant resistance level of $0.966.

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

The 4-hour Composite Trend Oscillator adds weight to the bearish outlook for FET, since the oscillator’s signal line and moving average remain within the oversold territory.

On the one-day chart, it’s clear that FET is showing a strongly bearish trend as it trades below both its 100-day simple moving average and the downward sloping trendline. After being rejected at the resistance level of $1.862, the price has continued to slide downwards towards the support level at $0.966.

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

As a crypto investor observing the market trends, I notice that according to the 1-day composite trend oscillator, FET may continue its downtrend towards the $0.966 support level. The reason being, both the signal line and simple moving average are still indicating an oversold condition for FET.

Will FET’s Price Breakthrough Or Face A Rejection

As a crypto investor, I’ve observed that the price of FET has been inching closer to the $0.966 resistance level. If this resistance holds strong, we might see the price turn bearish once again. However, if the price manages to break through this barrier, it could lead to an uptrend for FET.

By examining the potential consequences of the coin’s price movement, it was found that should FET dip to the $0.966 support, a further decline towards the $0.459 level could ensue. If the latter is breached, the downward trend may persist and aim for even lower prices.

If the crypto asset fails to hold the $0.966 support, it could lead to an uptrend toward the $1.862 resistance. Once this resistance is surpassed, there’s a possibility for further gains, potentially challenging the $2.564 resistance and even higher levels beyond that.

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

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2024-07-03 15:40