- FET trades around $0.7809 with a modest spike.
- The daily trading volume has increased by over 37.66%.
Market uncertainty persists as assets struggle to rebound from bearish control. Major cryptocurrencies continue to fluctuate, with Bitcoin (BTC) remaining far from the $100K mark, while the Artificial Superintelligence Alliance (FET) has gained 1.58%.
The asset opened the day trading at $0.7686 and dipped to a low of $0.7233. As time flew, it scaled up to the $0.8035 mark. At the time of writing, FET traded at $0.7809 with the market cap reaching $1.86 billion. In the meantime, the daily trading volume has touched $159 million.
Zooming in on FET’s seven-day trading chart, the asset has moderately spiked by over 7.49%. The asset began the week trading at $0.7225 and hit a weekly high of $0.8816.
Concurrently, the Ali chart infers that FET testing a critical support zone between $0.69 and $0.81. If buyers defend this range, it could lead to a strong rebound, potentially confirming support and fueling a bullish move. However, if it breaks below, further downside may be pursued.
Will FET Break Out and Turn Bullish?
The Moving Average Convergence Divergence (MACD) line and signal line of FET have crossed below the zero line. This crossover indicates bearish momentum with it being overshadowed by stronger selling pressure, keeping the asset in a downtrend.
Besides, the Chaikin Money Flow (CMF) indicator stationed at -0.01, suggests a neutral to weak bearish sentiment rather than a strong distribution toward the asset. Concurrently, the daily trading volume of FET has increased by over 37.66%.
While inferring the four-hour trading window, it signals the risk of an extended downside correction. The Artificial Superintelligence Alliance could slip toward the nearby $0.7368 support. Assuming the selling pressure remains strong, the FET price could retest the crucial $0.67 level.
In defiance, if the downtrend reverses, FET might climb to $0.8474. In case, the FET market turns highly bullish, buying pressure will dominate the market, and the Artificial Superintelligence Alliance price could ascend to around $1, the long-awaited threshold.
Moreover, FET’s daily relative strength index (RSI) at 33.25 indicates that the asset is approaching the oversold territory. The daily frame of the asset shows the short-term 9-day moving average below the long-term 21-day moving average.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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