Journalist
Posted:
- FET floated at the crucial level of support of $ 0.743, where investors were looking for an outbreak or further decline.
- Why is this level a make-or-break price level?
Artificial Superintelligence Alliance’s [FET] The market is at a crossroads and all its investors hold their breath for the support level of $ 0.743.
This has been a historic pivot for the action of the FET price, and now its meaning is questioned as the market forces shift.
Is this the basis of a bullish reversal or will the Altcoin prices continue to fall? Let’s find out …
Will the historical importance of $ 0.743 the historical importance of support level?
The level of support of FET $ 0.743 is not only a different number on the graph. This support used to be the catalyst for a huge rally at the beginning of August and is an essential technical and psychological level.
During earlier attempts in the vicinity of this price level, a significant influx volume of FET buyers made it on the way to positive. However, the current scenario seems different.
Exchange reserves have been in a downward trend last week and with 95% of the total supply of FET in circulation at the time of the press, liquidity conditions can significantly influence the price action.
This raises the question: will history repeat itself or will market dynamics overwrite earlier trends?
Source: TradingView
FET’s market sentiment and delivery dynamics
Ambcryptos analysis of recent cryptoquant data indicates a slow decline of FET exchange reserves, suggesting that fewer coins are available for trade. This can reduce FET’s sales pressure.
However, it also indicates that Altcoin buyers can have difficulty finding sufficient liquidity to stimulate a continuing meeting. With 95% of the range that is already in circulation, the market relies on existing holders and their willingness to buy or sell.
If buyers enter the support level of $ 0.743, as they did at the beginning of August, it could be a launch platform for a reversal.
However, if the sales pressure increases, an infringement under this support can cause further downward movement, which means that the Altcoin prices push deeper into bearish terrain.
Source: Cryptuquant
What for the Altcoin?
The critical price level of $ 0.743 is a make-or-break zone. A bouncing of this price level can be recovering fet -bullish sentiment, which means that the altcoin may re -test a higher resistance levels.
Conversely, a breakdown could see that prices are falling further, whereby the next level of support becomes the focus.