- Market sentiment surrounding the AI token turned bearish in recent days.
- Most technical indicators pointed to a continued price decline.
Alliance for Artificial Super Intelligence [FET] Bears have been checking the price of the token as it witnessed major price corrections. However, if a condition is met, things can change quickly. Let’s take a closer look at what’s going on with FET.
FET turns bullish again?
CoinMarketCaps facts revealed that the price of FET underwent a massive correction last week as its value fell by 14%. The bears also maintained control over the past 24 hours by pushing the token down by more than 8%.
At the time of writing, FET was trading up $1.11 with a market cap of over $2.7 billion, making it the 28th largest crypto.
Due to the price drop, the token’s weighted sentiment also fell. This meant that bearish sentiment around the token increased in the market. But social volume remained stable, reflecting FET’s popularity in the crypto space.
Source: Santiment
The better news was that this downtrend could be short-lived as the token was testing a crucial support level. World Of Charts, a popular crypto analyst, recently posted a tweet reveal this.
In the event of a successful test of support, investors could witness FET once again starting its journey to $1.5.
Source:
What can you expect from FET?
Since there were chances of FET turning bullish, AMBCrypto checked its on-chain data to determine how likely the token is to record greens. According to our analysis of Santiment’s data, buying pressure on the token has increased significantly in recent days.
This was clearly evident from the increase in supply outside the exchanges, while supply on the exchanges fell. The fact that investors bought FET was further proven by the increase in currency outflows.
Source: Santiment
However, the whales did not have much confidence in the token as the supply from the top addresses decreased on September 3. That’s why we checked Hyblock Capital’s data.
According to our analysis, FET’s whale vs. retail delta had a value of 0 at the time of writing. To start, this indicator ranges from -100 to 100, where 0 represents whales and retail being positioned exactly the same.
Source: Hyblock Capital
Read FET price prediction 2024-2025
We then reviewed the token’s daily chart to better understand the chances of Fet successfully testing its support. The technical indicator MACD showed the possibility of a bearish crossover.
The Relative Strength Index (RSI) also registered a decline. Both indicators suggested that the FET might fail to test its support, which could result in a continued price decline.
Source: TradingView
