The Decline of Artificial Intelligence Alliance (FET) and Its Impact on the Cryptocurrency Market
Current Market Situation of FET
Artificial Intelligence Alliance (FET) has experienced a significant drop in price, trading below the $1 mark after several months of stability. This decline is reflective of the overall struggles in the cryptocurrency market, with altcoin prices reaching levels not seen in a long time. As of now, FET is trading at $0.71, marking a 78.32% decrease from its all-time high in March.
Increased Trading Volumes and Selling Pressure
Santiment has reported a notable increase in trading volumes for FET, with a growth of 245% in the past 24 hours, amounting to nearly $300 million. While high trading volumes usually indicate a strengthening uptrend, in the case of FET, it points towards strong selling pressure amidst falling prices. This could lead to further declines in the near future.
Implications of the ASI Merger and Market Capitalization
Despite hopes for a price boost through the ASI merger, which involves three cryptocurrencies, FET’s market capitalization has taken a hit. Although market capitalization reached $3.32 billion in July, it has since dropped to $1.78 billion. The merger, once completed, could impact circulation and market capitalization, potentially affecting FET’s value.
Price Predictions and Key Support Levels
Recent analysis shows that FET has broken key support levels, leading to continued price weakening. Additionally, the coin is trading below the 20-day exponential moving average, indicating a bearish trend. If current market conditions persist, FET’s value may further decline to $0.69. However, an increase in buying pressure could see a potential return to $1.
