The price of Artificial Superintelligence Alliance (FET) cryptocurrency has fallen below the important support level of $0.75, which has historically played a significant role in its price dynamics.
Technical Indicators Show Bearish Pressure
The Ichimoku Cloud analysis indicates that FET remains in a bearish trend, with the price currently trading below the cloud at $0.7241. The baseline at $0.8430 and the conversion line at $0.7688 suggest strong resistance, which FET must overcome to shift momentum. The Relative Strength Index (RSI) at 37.13 indicates weak buying pressure. The MACD line remains below the signal line, confirming further bearish momentum.
Market Activity and Futures Open Interest
According to data from Coinglass, trading activity in terms of FET futures has shifted with a daily volume of 24.14%, amounting to $99.97 million. Open interest has dropped by 19.79%, standing at $69.22 million. Previously, in March and December, futures open interest was above $250 million, indicating strong trader engagement. The current decline suggests weakening speculative interest, which could lead to lower price volatility unless new positions enter the market.
Key Levels to Watch on the FET Chart
The $0.75 level was critical to watch, and its break downwards indicates a continuation of bearish sentiment. The current price sits near $0.63, with $0.60 and $0.50 being the next major support zones. Traders continue to monitor volume trends and price action for confirmation of future developments. A reversal attempt for FET is possible if buying momentum rises, but currently, buyers lack sufficient strength to halt the downside pressure.
The current quotation of FET below $0.75 indicates bearish pressure. Historical support levels and the current decline in open interest suggest the need for more active buyer actions to change momentum. Further changes will depend on the balance of forces in the market.