Over the past week, FET prices have underperformed their closest competitors, falling more than 8%. It is the second-largest AI cryptocurrency by market capitalization but has struggled to keep pace with other major players in the space. While competitors have enjoyed significant growth, FET has lagged behind, raising concerns about its ability to maintain its current position. The recent poor performance puts its market position at risk, especially as other AI tokens continue to show strong momentum.
Is FET lagging behind other AI coins?
Currently, FET is the second largest artificial intelligence token in terms of market value after TAO, and its weekly trading volume is also ranked second only to WLD. In terms of performance, though, FET has lagged behind its competitors over the past week, with prices falling by 8.16%. This decline is significantly low compared to the significant progress achieved by peers, such as RNDR growth of 39.14% and WLD growth of 17.5%.
Top 4 AI Tokens
These latest data suggest that FET may be losing momentum in the AI cryptocurrency competition, and its position as the second largest AI currency is at risk. If RNDR continues to rise by 15% and FET remains stable, the two will have the same market value, which may lead to a change in the ranking.
The number of FET whales has decreased over the past week
Currently, the number of addresses holding 1,000,000 to 10,000,000 FET is 149, down from 153 on November 3. From November 3 to November 9, the number continued to decline, reaching a low of 147.
Tracking whale address activity is critical as it often has a significant impact on price movements. While the number of FET whales has recovered slightly from 147 to 149 over the past five days, it is still below early November levels. This suggests that large investors may still be cautious and their previous full confidence has not yet been restored. Despite the recovery, reduced whale activity may still mean that uncertainty or hesitancy remains, which may affect the price stability and future performance of FETs in the short term.
In terms of FET price forecast, a 16% correction is possible
The FET price chart is showing signs of caution, with its EMA lines showing potential bearish pressure. The short-term EMA has fallen sharply in the past few days and is close to falling below the long-term EMA. If this happens, it will form a "death cross", which is a bearish signal and means a possible turn to a downtrend.
In the FET price analysis, if a death cross occurs, FET may test its nearest support level of $1.18. If this support level fails, the price may drop to $1.08, which means a potential 16% correction. However, if the momentum is positive, the FET price may challenge the resistance levels of $1.45 and $1.53. A breakout above these levels may take it to $1.64, which in turn brings a 35% price upside potential.
