Artificial Superintelligence Alliance （FET） has been in decline since May, forming a descending triangle pattern. Trading at $1.10, it’s currently at a key support level, with indicators suggesting a potential further decline.
Points
- FET has been declining since May, forming a descending triangle.
- The current price is $1.10, at a key support level.
- Indicators suggest a strong bearish sentiment.
- A break below support could lead to a further decline.
- Potential price targets are $1.06 if support fails, and $1.61 if demand surges.
Artificial Superintelligence Alliance （FET） has seen a consistent decline since May, with its price forming a descending triangle pattern. Currently trading at $1.10, the altcoin is poised at a critical support level, facing the possibility of breaching this key threshold.
The descending triangle pattern, characterized by lower highs and a horizontal support level, typically signals the continuation of a bearish trend once the price breaks below the support. Technical indicators such as the Moving Average Convergence/Divergence （MACD） line, trading below its signal and zero lines, reinforce the bearish outlook. This suggests strong bearish sentiment and potential for continued decline.
Further, FET’s 50-day small moving average （SMA） crossed below its 200-day SMA on July 11, forming a “death cross,” a notorious bearish signal indicating weakening price momentum and an inevitable downturn.
FET Price Prediction: All Rests with the Bulls
If FET bulls fail to defend the support level, the altcoin’s price could plummet to $1.06. Conversely, if demand surges and the current trend reverses, FET could climb towards $1.61, indicating a successful defense by the bulls.
