FET was consolidating near the $1.10 mark in a double-bottom formation over the week. Amidst the market selloff, the token corrected by 45% last month. The bulls managed to defend the $1 mark and are attempting a recovery.
Despite its recent merger to form ASI (Artificial Superintelligence Alliance), FET displayed negative sentiments and continued to lose gains.
However, few technical indicators indicate that the token has bottomed out and could rebound ahead. Once it began consolidating near the $1 mark, a breakout would become more likely.
Did FET Trigger a Reversal From its Bottom?
After correction, FET looks oversold. The correction wave pushed the token towards its pivot mark of $1 where it paused. This week has been stable so far, but a pullback soon can be expected.
At press time, FET was trading at $1.20 with a 3.22% intraday surge, reflecting neutrality on the chart. It has a monthly return ratio of -31.20% and 457.20% yearly, reflecting short-term profit booking.
The pair of FET/BTC is at 0.0000206 BTC, and the market cap is $3.09 Billion. Analysts are neutral and suggest that FET may regain and recover soon.
Trading below the key moving averages, the token stayed in the downward region and struggled to display reslience. The RSI curve is in the oversold region and converged.
Network Growth Shows Dip
Amidst the price decline, the network growth data showed a steep decline and swam to 208, and reflected that the new addresses have lost their interest in the token.
Meanwhile, the supply held by the top addresses peaked at around 1.78 Billion, demonstrating that investors’ trust is still high and they are expecting a recovery, as evident from the data.
Social Dominance and Development Activity Data Insights
On the social front, the social dominance data displayed a notable decline of over 32% this week, representing the decrease in investors’ attention on the social media platforms.
Meanwhile, the development activity data surged to 26.71, revealing consistent developments in the ecosystem, reflecting growth in the token. @Trader Tim in his tweet said that FET could break out soon.
Per the GIOM Indicator, 51% of its holders are in profit, while 41% are still looking for a change.
FET has a correlation of 0.66 with BTC. The recent dip in BTC price affected the token as it sails toward the $1 mark. The immediate support levels for FET are $1.0 and $0.920, whereas the key upside hurdle is around $11.40, followed by $1.50.
FET has been consolidating throughout, staying near the $1.10 mark, so far this week. The token failed to recover, demonstrating stability. Post correction, the token fell to its demand zone, which might fuel a recovery.
