- Market sentiment towards AI tokens has turned bearish over the past few days.
- Most technical indicators are pointing to a continued price decline.
Federation of Artificial Superintelligence (FET) Bear has been controlling the token price as it witnessed major price corrections. However, things could soon change if conditions are met. Let’s take a closer look at what is happening with FET.
Will FET turn strong again?
CoinMarketCap’s data The price of FET has undergone a massive correction over the past week, dropping 14%. The bears have maintained control, pushing the token down by more than 8% in the last 24 hours.
At the time of writing, FET was trading at: It is the 28th largest cryptocurrency with a market cap of over $2.7 billion at $1.11.
The weighted sentiment of the token has also decreased due to the price drop, which means that the bearish sentiment surrounding the token has increased in the market. However, the social volume has remained stable, reflecting the popularity of FET in the crypto space.
Source: Santiment
The good news is that this downtrend could be short-lived as the token is testing important support levels, popular cryptocurrency analyst World Of Charts recently said tweet I’m making this public.
If the support test is successful, investors could see FET heading back towards $1.50.
Source: X
What to expect from FET
Since there was a possibility that FET would turn bullish, AMBCrypto looked at on-chain data to see how likely it was that the token would hit the green. According to analysis of Santiment’s data, buying pressure on the token has increased significantly over the past few days.
This is evident from the increase in external supply while the decrease in internal supply. The fact that investors are buying FET is further evidenced by the increase in exchange outflows.
Source: Santiment
However, whales were less confident in the token as the supply held by the top addresses decreased on September 3rd. So we checked the data from Hyblock Capital.
According to our analysis, the Whale vs Retail Delta of FET had a value of 0 at the time of writing the article. First of all, this indicator ranges from -100 to 100, with 0 indicating that the whale and retail are in exactly the same position.
Source: Hyblock Capital
read FET Price Prediction 2024- 2025
We then evaluated the daily chart of the token to better understand the probability of Fet successfully testing support. The technical indicator MACD showed a possible bearish crossover.
The Relative Strength Index (RSI) also recorded a downtrend. Both of these indicators suggest that FET may not be able to test support, which could lead to a sustained price decline.
Source: TradingView