FET Price Prediction: Key Reasons for an Imminent Bullish Trend Reversal
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- FET has experienced strong bearish trends after failing to escape a descending pattern.
- A notable drop in exchange reserves spurred by increased whale activity indicates a potential trend reversal may be on the horizon.
The Artificial Superintelligence Alliance [FET] has faced significant bearish pressure, declining 14% over the last two weeks. This negative sentiment has stalled any attempts for it to break free from its descending channel.
At the time of reporting, FET traded at $1.18. The altcoin is consistently hitting resistance at $1.34, which marks the upper boundary of its descending channel, as buying interest continues to wane.
The Relative Strength Index (RSI) currently stands at 37, suggesting considerable selling pressure is present. Additionally, the RSI has established lower lows, further emphasizing surging bearish sentiment.
Source: Tradingview.
Moreover, an uptick in the Average Directional Index suggests that this persistent downtrend is robust and may continue unless demand sees alteration.
On-chain analysis indicates potential signs of a bullish turnaround even amidst ongoing bearish tendencies illustrated on the daily chart.
Dwindling FET Exchange Reserves
A report from CryptoQuant reveals that FET Exchange reserves have shown a significant decrease over recent days—from 502 million to 497 million—establishing a new weekly low.
Source: CryptoQuant (
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p >) A consistent decline in exchange reserves can positively impact price dynamics by alleviating selling pressures; should this trajectory persist during forthcoming days, we could witness reduced selling activities leading FET towards possible recovery . Notably though , this downtrend signifies that weak holders have largely exited positions synonymous with high sell-off activity . span > p >
h2 > Escalating Whale Movements Strong > h2 >
p > Recent insights reveal heightened whale movements regarding FET tokens . Data extracted from IntoTheBlock showcases an increase in predominant transactions exceeding $100K — rising from approximately four point sixty-three million up until seven point fifty-six within just past twenty-four hours . span>} P >
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