FET has underperformed its closest competitors over the past week, falling more than 8%. Despite being the second-largest AI cryptocurrency by market capitalization, it has struggled to keep up with other major players in the space.
While its competitors have seen impressive gains, FET has lagged behind, raising concerns about its ability to maintain its position. This recent underperformance puts its position in the market at risk, especially as other AI coins continue to show strong momentum.
Is FET Lagging Behind Other AI Coins?
FET is currently the second-largest Artificial Intelligence coin by market capitalization, behind TAO. It is also second in weekly trading volume, behind only WLD. However, in terms of performance, FET has lagged behind its competitors over the past week, with its price down 8.16%.
This figure is significantly lower than the impressive gains of its peers, such as RNDR, which increased by 39.14%, and WLD, which increased by 17.5%.
Top 4 largest artificial intelligence coins. Source: Messari
Recent figures suggest that FET may be losing momentum in the AI cryptocurrency race, putting its position as the second-largest AI coin at risk.
If RNDR continues to increase by 15% and FET remains stable, their market capitalizations will equalize, potentially leading to a change in rankings.
FET whales down this past week
The number of addresses holding between 1,000,000 and 10,000,000 FET is currently at 149, down from 153 on November 3. From that day until November 9, the number steadily decreased, bottoming out at 147.
Tracking the activity of these whale addresses is important, as they often significantly influence price movements.
Wallet contains between 1,000,000 and 10,000,000 FET. Source: Santiment.
While the number of FET whales has recovered slightly from 147 to 149 over the past five days, it remains below levels seen in early November. This suggests that large holders may still be cautious and the full confidence seen previously has yet to return.
Although there has been a modest recovery, reduced whale activity may indicate lingering uncertainty or hesitation, which could impact FET price stability and future performance in the short term.
FET Price Prediction: 16% Correction Possible
The FET price chart is showing signs of caution, with its EMAs indicating potential bearish pressure. The short-term EMA has turned down significantly over the past few days and is close to crossing below the long-term EMA.
If this happens, it will form a “death cross”, a bearish signal indicating a possible change to the downtrend.
FET Price Analysis. Source: TradingView
If a death cross occurs, FET could test the nearest support level at $1.18. If this level fails, the price could drop to $1.08, representing a potential 16% correction.
However, if the momentum turns positive, FET price could challenge resistance at $1.45 and $1.53. Breaking these levels could see it rise to $1.64, offering a potential upside of 35%.
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