Artificial Superintelligence Alliance (FET) is experiencing a sustained bearish trend, pushing its price closer to the critical support level of $0.966. This sustained downward pressure has caused concern among investors as the cryptocurrency continues to extend its bearish momentum.
The $0.966 resistance mark now serves as an important point of interest to determine whether FET will be able to reverse its current trajectory or continue to fall. Market participants are closely monitoring these developments, analyzing technical indicators and market sentiment to assess the potential for a rebound or further decline.
The purpose of this article is to analyze the ongoing bearish trend affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $0.966 resistance level.
FET price was trading at around $1.30 and down 3.10% with a market cap of over $3 billion and a trading volume of over $99 million at the time of writing. In 24 hours, FET’s market cap and trading volume have fallen by 3.28% and 29.79%, respectively.
FET Price Under Bearish Pressure
FET is currently showing active bearish trading below the 100-day simple moving average (SMA) and bearish trend line on the 4-hour chart, declining towards the important resistance level of $0.966.
The 4-hour Composite Trend Oscillator also confirms the strengthening bearish sentiment on FET as both the signal line and the simple moving average of the indicator continue to move within the oversold zone.
On the 1-day chart you can see that field-effect transistor Very bearish trading below the 100-day SMA and trend line. After the rejection from $1.862, FET price has been in an extended bearish move heading towards the $0.966 support level.
Finally, the one-day composite trend oscillator signals that FET may continue its bearish trend towards the $0.966 support level as the signal line and SMA are still in the oversold zone.
Will FET Achieve a Price Breakout or Face Rejection?
In conclusion, it can be noted that since the price field-effect transistor continues to move towards the resistance level of $0.966, it may break through its bearish trend or face rejection and start to rise.
Thus, while examining the possible outcomes of the coin, it was found that if the FET price reaches the $0.966 support level and breaks below, it could continue to decline to test the $0.459 level and potentially move on to test other lower levels if it breaks the $0.459 level.
However, if the crypto asset faces rejection at the $0.966 support level, it will start to rally towards the $1.862 resistance level. Once this level is broken, it may continue to rally to test the $2.564 resistance level and may move on to test other higher levels if it breaks the $2.564 level.
