Stagnation in FET pricing at $0.9 prompts traders to ponder a possible 7% drop.
Artificial Superintelligence Alliance (FET) struggles to break past $0.9-$1 resistance
Artificial Superintelligence Alliance (FET) has encountered resistance in the $0.9-$1 price range, according to recent data. Despite a significant surge in May and April, the token has yet to successfully break through this barrier.
Over the pastcouple of days, a new support level at $0.81 has emerged. This level is crucial for maintaining price stability and preventing a sharper decline.
A technical structure, such as Wave 5, may push FET towards $1.04, representing a potential 50% gain if the pattern holds. The overall sentiment in the cryptocurrency market is bullish, with Ethereum leading the charge. This positive sentiment could uplift altcoins like FET, potentially assisting in overcoming resistance levels.
On the 12-hour chart, FET has demonstrated a bullish outlook. It has formed higher highs and higher lows since mid-April, suggesting increased demand. The RSI has remained above neutral 50, reflecting the bullish momentum of the AI token in recent weeks.
However, the drop in RSI in recent days is attributed to the multiple rejections FET experienced at the $0.9 threshold. The 4-hour chart shows that this resistance has not yet been surmounted, with a range formation between $0.805 and $0.94 developing. The selling pressure while FET traded within this range was not high.
The liquidation heatmap indicates a buildup of liquidation levels just below the $0.8 level, the lows of the current range. A move southward appears likely, especially in the event of a Bitcoin drop from the $109k-$110k region. Traders should be on the lookout for a retest of the $0.8 support zone.
Meanwhile, a move to $1 is also possible, but a surge in volume could warn traders of such a move. In summary, FET's short-term outlook is cautiously optimistic. The token needs to break through the resistance at $0.9-$1 to realize its potential, and the presence of a new support level at $0.81 provides a safety net. However, the cryptocurrency market's volatility means any significant downturn in the broader market could impact FET's performance.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion.
- Despite the Artificial Superintelligence Alliance (FET) displaying a bullish outlook on the 12-hour chart, its inability to break the $0.9-$1 resistance could be influenced by the sell-off potential triggered by a Bitcoin drop from the $109k-$110k region.
- A surge in the volume of FET could indicate a move towards $1, but with the liquidation heatmap showing a buildup of liquidation levels just below the $0.8 support, traders should be prepared for a possible retest of this zone.
- As Bitcoin continues to hold a significant influence on the cryptocurrency market, the overall sentiment remains bullish, with this positive sentiment potentially assisting altcoins like FET in overcoming resistance levels.
- In the world of finance and investing, understanding the potential interplay between Bitcoin's price and that of FET highlights the intricate interconnections between different tokens and the technology that drives them.
