FET rally slows down: What to expect?
The Artificial Superintelligence Alliance ($FET ) is about to lose its upward momentum due to increasing selling pressure.
According to an analysis prepared by AMBCrypto, the current market sentiment of FET points to a potential pause. The analysis suggested that FET, which continues its upward trend on weekly and daily charts, is in a slowdown trend.
The analysis included the following statements; “Recent developments indicate that FET is preparing for a new rise, but the continuation of the rise depends on certain conditions being met.”
According to analyst Crypto Leo, a symmetrical triangle formation has formed on FET’s weekly chart. FET managed to break out of the formation with the rise it has made in the last few hours. According to historical data, the symmetrical triangle formation occurs before a potential rally.
The analyst suggested that the FET rally may be delayed due to the resistance levels that have emerged within the formation. The resistance point was determined as the point where FET could face selling pressure and experience a significant decline.
In fact, FET has to make a daily close above $ 1.44, which is also marked on the chart. If the $ 1.44 resistance is overcome, the uptrend may continue. The popular altcoin is trading in the $ 1.53 region.
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AMBCrypto noted the following; “If $FET $can overcome the resistance point in the symmetrical triangle formation, it can reach $ 3.5.”
The analysis stated that the resistance point is not the only obstacle to FET's potential rise. According to the analysis, the attitude of FET holders also increases the risk of decline.
Coinglass reported that investors holding $FET in their wallets have started to sell significantly. On-chain data showed that a large amount of FET was transferred to centralized exchanges.
The analysis included the following statements; “FET worth $ 4.34 million was transferred to exchanges.