Artificial Superintelligence Alliance (FET) is experiencing an extended downtrend, pushing the price closer to the critical support level of $0.966. This sustained downward pressure has raised concerns among investors as the cryptocurrency continues to extend its bearish momentum.
The resistance at $0.966 is currently a significant point of interest, determining whether FET can reverse its current trajectory or continue to decline. Market participants are closely monitoring these events, analyzing technical indicators and market sentiment to assess the potential for a rebound or further decline.
The purpose of this article is to analyze the long-term downtrend that is affecting the value of the digital asset and its impact on the cryptocurrency’s price as it approaches the resistance level of $0.966.
FET was trading at around $1.30 and was down 3.10% with a market cap of over $3 billion and trading volume of over $99 million at the time of writing. In 24 hours, there was a drop of 3.28% and 29.79% in FET market cap and trading volume.
FET price under downward pressure
Currently, FET is actively trading in a downtrend on the 4-hour chart, trading below the 100-day elementary moving average (SMA) and the descending trendline, falling towards the key resistance at $0.966.
The 4-hour Composite Trend Oscillator also confirms the continued bearish bias for FET, as both the indicator’s signal line and SMA continue to trade in the oversold zone.
On the 1-day chart, we can see that FET is trading very bearishly below the 100-day SMA and trendline. After the rejection at $1.862, FET price is in an extended bearish move towards the $0.966 support level.
Finally, the 1-day Composite Trend Oscillator signals that FET may extend its downtrend towards the $0.966 support level as the signal line and SMA are still in the oversold zone.
Will the FET price reach a breakthrough or face rejection?
In summary, if the FET price continues to trend towards the resistance at $0.966, it could break through its bearish sentiment or face a rejection and start to rally.
Therefore, while examining the possible outcomes of the coin’s development, it has been discovered that if the FET price reaches the $0.966 support level and breaks through it, it could continue downwards, testing the $0.459 level, and potentially also try to challenge other lower levels if it breaks through the $0.459 level.
However, if the crypto asset encounters a rejection at the $0.966 support level, it will begin to rise towards the $1.862 resistance level. Once this level is broken, it could continue to rally to test the $2.564 resistance level and could move on to testing other higher levels if it breaks through the $2.564 level.
