The crypto market downturn continues despite recent announcements regarding the creation of a crypto strategic reserve. Tokens such as Filecoin (FIL) and Artificial Superintelligence (FET) are under significant pressure, currently trading near crucial support levels.
Filecoin: Current Situation
Filecoin has been in a descending triangle for nearly a year. After reaching a peak of $8.38 in December, the token sharply declined. Currently, FIL is testing a critical support zone at $2.89. A hold at this level may enable a short-term rebound, but failure to hold could accelerate the bearish trend.
Artificial Superintelligence (FET): Analysis
FET has also been trading within a descending triangle for several months. Currently, the token is clinging to a key support area around $0.54. To initiate a sustainable upward move, FET needs to break the 100-day simple moving average. Failure to hold the current support level may lead to a further decline.
What to Watch Next
The future direction of FIL and FET heavily depends on overall market sentiment, particularly movements in Bitcoin and Ethereum. Technical indicators currently show bearish signals, and investors should be prepared for potential further corrections.
Recent initiatives for creating a crypto reserve have not yet significantly impacted the market, with key tokens still under pressure. It's essential to monitor the developments and be prepared for rapid shifts in sentiment.
