After holding the $1 mark for months, the price of Artificial Superintelligence Alliance (FET) has fallen below the threshold. The decline follows a challenging crypto market that has seen altcoin prices fall to levels not seen in a long time.
At the time of writing, FET, formerly known as Fetch.ai, is trading at $0.71, down 78.32% from its all-time high reached in March.
Not the best season for the Artificial Superintelligence Alliance
While the altcoin’s price has fallen, its trading volume has skyrocketed, according to Santiment. Cryptocurrency trading volume measures the total value of tokens traded over a given period.
For FET, volume has increased by 245% in the last 24 hours, approaching $300 million. This growth indicates heavy buying and selling around the AI-themed token.
Typically, rising volume coupled with rising price reinforces an uptrend. However, in the case of FET, falling price and a sharp rise in volume indicate intense selling pressure, suggesting another decline.
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This drop may surprise FET holders who were expecting a price increase from the ASI merger, a union of three cryptocurrencies. The merger resulted in an increase in the circulating supply, which usually increases market cap since it is a product of price and tokens in circulation.
Even though the merger has not yet been completed, FET’s market cap reached $3.32 billion on July 27. By the time this article was published, the token had lost a significant portion of its value, falling to $1.78 billion.
FET Price Forecast: Key Support Level Probit
According to the daily chart, the bulls held on to the $1.05 support level until August 2, when they lost control of the region. FET price continues to show weakness as a result of this development.
Additionally, BeInCrypto noticed that the token is trading below the 20-day exponential moving average (EMA). The EMA measures the direction of the trend, and when the cryptocurrency price is trading above it, the trend is bullish.
However, the fact that it is changing hands below the indicator suggests that the trend is bullish. If this continues, the FET price could continue to fall.
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If current market conditions remain the same, the cryptocurrency price could fall to $0.69. However, if buying pressure increases, FET could return to $1.
