The price of Artificial Superintelligence Alliance (FET) crypto has fallen below key support level around $0.75, a zone that has played an important role in its price action over the years.
Historically, this level acted as strong resistance in 2022, preventing the token from breaking higher.
However, in early 2023, FET flipped this zone into support, fueling a rally toward $2.50+.
At press time, FET was trading at $0.6336, down 12.35% in the last 24 hours, down 12.62% in the last week.
The $0.75 level has been retested numerous times and the buyers are trying to hold this support.
A move back to $1.00 – $1.20 may be possible if they are successful but a rejection may extend FET down towards $0.60 or lower.
Technical Indicators Show Bearish Pressure For FET Crypto
The Ichimoku Cloud analysis indicates that FET remains in a bearish trend, with the price currently trading below the cloud (Kumo) at $0.7241.
The baseline (red) at $0.8430 and the conversion line (blue) at $0.7688 suggests that resistance remains strong, and FET must break above $0.80 to shift momentum.
Momentum indicators also signal weakness. At a level of 37.13 very close to the zone of oversell (30), the Relative Strength Index (RSI) shows that buying pressure is weak.
While the MACD line at 0.00722 is still below the signal line at -0.0889, it indicates a further bearish momentum.
Selling pressure has slightly dropped, but FET crypto needs a stronger buying push to revert the trend.
Market Activity and Futures Open Interest
According to Coinglass, trading activity in terms of FET futures has shifted, with 24.14% in daily volume, now at $99.97 Million.
Nevertheless, cryptocurrency’s open interest has witnessed a 19.79% drop with it currently trading at $69.22 Million.
Historically, FET crypto futures open interest peaked above $250 Million in March and December, signaling strong trader engagement.
The current decline suggests that speculative interest is weakening, which could lead to lower price volatility unless new positions enter the market.
Key Levels to Watch on the FET Chart
$0.75 was a crucial area to watch, and bearish momentum having persisted, FET crypto broke below $0.75.
It has reached near $0.63, and $0.60 or $0.50 are the next major support zones.
Volume trends and price action are also under the watch of traders who are awaiting confirmation of what’s next.
A reversal attempt might be in the cards for FET if the buying momentum rises.
Nonetheless, so far, buyers have insufficient strength to halt the downside pressure.
