FET saw an almost 6% decline on June 22. It happened as the market took a turn for the worse, and major cryptocurrencies went downhill.
The latest decline continues the previous day’s downtrend, which saw the asset sink to $1.52 from $1.62. However, the asset saw a slight recovery, which made many traders predict the end. However, the most recent drop proved them wrong.
The altcoin started trading at $1.58 but experienced massive retracements as soon as the day started. It dropped to a low of $1.46 and is struggling with more decline at this time. There is no sign of a notable attempt by the bulls at buyback.
Nonetheless, with the downtrend still ongoing, the bulls must defend several critical levels. One such is the $1.40 support. It bounced off the mark a couple of times before the previous flip.
Traders are Bullish on Fundamentals
Several events are coming up in the coming days. One such is the launch of a new token by the Artificial Superintelligence Alliance. They announced the approval of a new project, Artificial Superintelligence, with a new token ticker: $ASI token merger. Many expected the launch to happen this month. However, the ASA pushed it to July 15.
The merger will combine $FET, $AGIX, and $OCEAN into ASI. Additionally, the ASA projected that the new token will start trading in the crypto top 20 as it combines all of the other projects’ market caps.
In anticipation of the merge, an ASI proponent said, “$FET is looking to get back to the $1.95 – $2.55 range. After surging 600% in 6 weeks, it took quite a hit during the correction. The good news is, this was undiscovered territory (no strong support levels yet) and has now established some new levels. It bounced nicely off $1.15 and is now looking to get back to $1.95, potentially going straight to $2.55 would not surpise me, because of the upcoming merge with $OCEAN and $AGIX to become $ASI. I’m holding this one to the fucking moon for real.”
In a follow-up announcement, the alliance stated that the merger between all of the concerned projects will start on July 1, 2024. The first wave of this integration will see all of these assets’ names and logos converted to ASA. The delisting of all affected coins will also take place across several exchanges in anticipation of the final launch on July 15.
FET Next Price Uncertain
FET experienced a two-day downtrend starting Monday that saw it lose over 19%. The decline halted at $1.10 as it saw buybacks. Nonetheless, during the dip, the relative strength index dropped below 30. It sank to a low of 22. Before the two-day action, RSI peaked at 46.
Following its rebound, the asset gained over 30% in two days. The hike sent the highlighted metric above 40. However, it hit a wall at 44 and headed downward in a move that mimicked the previous movement.
A repeat of this trend will see the coin lose the $1.40 support again and possibly retest $1.10. Nonetheless, the asset has bullish prospects. Additionally, the 50-day moving average is on the decline. If trading conditions do not improve, the dip will continue until a death cross, adding to the coin’s woes.
The moving average convergence divergence is printing buy signals. FET had a bullish divergence on Thursday. The 12-day EMA is still on the ascent despite the most recent price declines. The hike could be a continuation of further attempts at critical levels.
One such is $1.80. Based on previous price movements, the asset sees massive sell-offs once its touches the first pivot support at $1.76. The resumption of the uptrend will leave the bulls aiming to decisively flip the S1.
With massive demand concentration above the mark, this will serve as the accumulation level for an attempt at $2.
