FET expected to hit new lows despite bullish signs – Why?

• Despite initial positive signs, several indicators pointed to strong downward pressures.
• Ideally, the bullish signs should have led the FET rally to $2.15.

Artificial Superintelligence Alliance [FET] already declined by 3.05% of late, signaling the start of further losses. With multiple bearish trends emerging, a continued fall appears likely.

The cryptocurrency has registered a significant weekly loss of 12.45% and shows signs of extending this downtrend.

For detailed insights on FET’s expected price movements, AMBCrypto has uncovered the latest analysis.

FET faces trader skepticism

FET appeared bullish on the charts, forming an ascending triangle that suggested the potential for a breakout. 

Historically, this pattern could propel FET to $2.203 or beyond, which marked a potential increase of 51.79%. This is calculated by measuring price movement from the support to the resistance peak.

Source: Trading View

Despite the optimistic technical indicators, AMBCrypto reported that other developments may disrupt this trend, casting doubt on the pattern’s sustainability and challenging the confidence of traders.

Despite earlier bullish signals, traders are now selling FET, leading to a downturn indicated by key technical analysis tools. 

The Parabolic SAR (Stop and Reverse), which signals price direction reversals with dots above or below price bars, shows dots above FET’s price, suggesting a continued downward trend.

Furthermore, the Chaikin Money Flow, another important indicator, is also trending downward currently at -0.09, indicating ongoing distribution.

This movement means that traders are pulling liquidity from FET, essentially selling off their positions, which is known to drive prices lower.

Source: Trading View

If these indicators persist in their direction, FET could see further declines as market sentiment shifts towards selling.

Read Artificial Superintelligence Alliance’s [FET] Price Prediction

Interest in FET continues to fade

Interest in FET is on the decline, according to the Open Interest data from Coinglass. 

The data showed a 3.42% drop in FET’s value, reducing it to $76.42 million. If this downward trend, which began on the 25th of September, continues, it’s likely that FET’s price will trend further downward.

Source: Coinglass