Artificial Superintelligence Alliance (FET) is facing a long bearish trend, pushing its price close to the important support level of $0.966. This continued downward pressure has raised concerns for investors, as the cryptocurrency continues to increase its bearish momentum.
The $0.966 resistance mark now serves as a key point of interest, determining whether the FET can reverse its current trend or continue its decline. Market participants closely monitor these developments, analyzing technical indicators and market sentiment to gauge the potential for further upside or downside.
This article aims to analyze the extended bearish trend affecting the digital asset and its impact on the price of the cryptocurrency as it approaches the resistance level of $0,966.
The FET price was trading around $1.30 and down 3.10% with a market capitalization of over $3 billion and a trading volume of over $99 million at the time of writing. A 24-hour drop of 3.28% and 29.79% in FET market capitalization and trading volume respectively.
FET Price Under Bearish Pressure
Currently, the FET on the 4-hour chart is actively trading below the 100-day Simple Moving Average (SMA) and the bearish trend line, coming down to the key resistance mark of $0.966.
The 4-hour Composite Trend Oscillator also confirms further FET strength as both the signal line and the SMA indicator continue to trend within the oversold zone.
On the 1-day chart, it can be observed that the FET is trading significantly below the 100-day SMA and trend line. Following the rejection at $1.862, FET price has been in a further bearish move towards the $0.966 support level.
Finally, the 1-day composite oscillator shows that the FET may extend its bearish trend to the $0.966 support level as the signal line and SMA are still trending in the oversold zone.
Is FET’s Price Breakthrough Or Will It Face Rejection?
Overall, it can be noted that as the price of FET continues to move towards the $0.966 resistance mark, it may break through its resistance or rejection on the surface and start to rise.
Therefore, to evaluate the possible results of the coin, it was found that if the FET price reaches the support level of $0.966 and breaks below, it may continue to decline to test the level of $0.459 and may continue to challenge other lower levels if it breaks $0.459. level.
However, if the crypto asset faces rejection at the support level of $0.966, it will start to rise to the resistance level of $1,862. If this level is breached, it may continue to rise to test the $2.564 resistance level and may continue to test other higher levels if it breaks the $2.564 level.
