🔥🔥🔥 Artificial Superintelligence Alliance ($FET ) Falls to Support as Bulls Weaken

FET Price Analysis: Key Support Level at Risk

- Trading at $1.10, the altcoin FET is currently testing a crucial support level and appears poised to potentially break through it.

Artificial Superintelligence Alliance Faces Critical Support Challenge

- Since the downtrend began on May 22, FET has been forming a descending triangle pattern. This pattern is characterized by a series of lower highs and a horizontal support level. A breach below this support level would confirm the continuation of the bearish trend.

- As of now, FET is trading precisely at this support level. Technical indicators suggest that a break below this level could signal further declines.

- Firstly, the Moving Average Convergence/Divergence (MACD) indicator for FET shows the MACD line (blue) currently below both the signal line (orange) and the zero line. The MACD is used to identify trend direction, changes, and potential reversal points. When the MACD line is below both the signal and zero lines, it indicates strong bearish sentiment.

- This positioning suggests a weakening of price momentum & the potential for continued decline. A cross below the zero line confirms the strength of the downtrend, as the shorter-term moving average falls further below the longer-term moving average. This signal often prompts traders to exit long positions and consider short positions.

- Additionally, FET’s 50-day simple moving average (SMA) (blue line) crossed below its 200-day SMA (yellow line) on July 11, forming a death cross. This crossover is a bearish signal, indicating that FET’s price momentum has weakened and a further downturn could be expected.

FET Price Forecast: Bulls Need to Act

- If the bulls fail to defend the support level, FET’s price may decline further, potentially dropping to $1.06.

- However, if the current trend reverses and demand increases, the token’s price could rise to $1.07, suggesting that the bulls have successfully defended the support level.

Source - beincrypto.com