Analysis of FET Token Performance
FET has been consolidating around the $1.10 mark in a double-bottom formation over the past week. Despite a 45% correction last month during a market selloff, the bulls successfully defended the $1 mark and are now striving for a recovery.
Following its merger to form ASI (Artificial Superintelligence Alliance), FET exhibited negative sentiments and struggled to retain its gains.
Despite the recent challenges, some technical indicators suggest that the token may have reached a bottom and could potentially rebound in the near future. As FET stabilizes near $1, there is a growing possibility of a breakout.
Analysis of Potential Reversal for FET
After a significant correction, FET appears oversold. The correction phase brought the token close to its pivot point of $1, where it hesitated. While this week has shown stability, a pullback is anticipated shortly.
At the current moment, FET is trading at $1.20 with a 3.22% intraday increase, indicating neutrality on the chart. The token has recorded a negative monthly return of -31.20% but a substantial 457.20% yearly gain, reflecting short-term profit-taking.
The FET/BTC pair stands at 0.0000206 BTC with a market cap of $3.09 billion. Analysts maintain a neutral stance, projecting a potential recovery for FET.
Despite trading below critical moving averages, the token's performance has been bearish, struggling to exhibit resilience. The RSI curve currently resides in the oversold territory and appears to be converging.
Decline in Network Growth
As the token's price declined, data on network growth indicated a sharp decrease, plummeting to 208. This decline suggests waning interest from new addresses.
Conversely, the top addresses holding FET peaked at approximately 1.78 billion, signaling continued investor confidence and an expectation of a recovery.
Insights from Social Dominance and Development Activity Data
Social dominance data witnessed a notable decline of over 32% this week, reflecting reduced investor attention on social media platforms.
Meanwhile, development activity surged to 26.71, indicating a consistent enhancement of the ecosystem and suggesting growth potential for the token. A tweet from @Trader Tim hinted at a potential breakout for FET.
The GIOM Indicator revealed that 51% of FET holders are in profit, while 41% are awaiting changes.
FET exhibits a correlation of 0.66 with BTC. The recent BTC price decline impacted FET as it approached the $1 mark. Key support levels for FET are $1.0 and $0.920, with significant resistance levels at $1.40 and $1.50.
Throughout the week, FET has maintained its consolidation near $1.10 but failed to recover significantly. The token landed in its demand zone post-correction, potentially setting the stage for a rebound.
