- FET is trading at $0.6487 after a weekly drop of 5.02%.
- The daily chart shows a symmetrical triangle nearing a breakout.
- Resistance levels are at $0.94, $1.15, and $1.60 if bulls manage to push higher.
- Market signals remain mixed with consolidation and reduced open interest.
Artificial Superintelligence Alliance (FET) continues to trade under selling pressure despite heightened activity in the last 24 hours. The token lost nearly 3.2% over the day and remains down 5.02% for the week.
At press time, FET is trading at $0.6487 with a market capitalization of $1.53 billion. Its trading volume surged 73.82% to $105.85 million, signaling strong market participation even as the price trend remains weak.
The increased activity underscores the uncertainty surrounding FET’s short-term outlook. While traders remain active, the price action shows a struggle between buyers seeking momentum and sellers pressing for further downside.
Also Read: Fetch.ai (FET) Forms Bullish Pattern: Cup & Handle Hints at $1.40 Rally
FET Daily Chart Shows Symmetrical Triangle
On the daily chart, FET is locked in a symmetrical triangle structure formed by converging support and resistance lines. The price is hovering near $0.6484, close to the apex of the formation. This technical setup often precedes strong directional moves as consolidation gives way to volatility.
A breakout above the descending resistance line could lead to a rally toward $0.94, followed by $1.15 and $1.60. These levels align with historical resistance zones and analysts’ projections. On the other hand, a breakdown below the $0.55–$0.60 support zone could trigger deeper losses, with $0.46 and $0.38 as potential downside targets.
Indicators Reflect a Bearish-to-Neutral Outlook
The Relative Strength Index (RSI) is 42.42, which is less than the 50 neutral level, indicating bearish dominance but not oversold situations. Immediate resistance is in the range of $0.68 to $0.70, whereas $0.64 is important short-term support. Remaining above the support level is key to maintaining stability.
The MACD signal further cautions. The MACD line remains below the signal line, accompanied by a negative histogram, displaying soft selling pressure. Though nearer, there is yet no bullish crossover to indicate bounce possibility, thus holding sentiment on the bearish-to-neutral side.
Open Interest Declines Amid Cautious Optimism
Market structure shows signs of consolidation. Open interest declined 2.84% to $160.27 million, indicating that the traders are cutting their leveraged exposure. Volumes on the day are less than those seen on previous rallies, indicating fewer new positions. Long-term holders continue to be active through accumulation around the current range.
The OI-weighted funding rate, standing at 0.0100%, shows a marginally bullish bias, with longs willing to fund shorts. This shows cautious optimism on the part of market players. If open interest starts rising again, together with increasing volumes, FET may experience renewed volatility and possible upside sentiment.
Also Read: Fetch.ai (FET) Breaks Out of Slump, Sets Sights on $2.00 Zone
