Key Takeaways
- FET price has been trading in a descending channel amid falling demand.
- On-chain data shows almost equal volume between support and resistance.
- Technical indicators reveal an extended consolidation for the altcoin.
Since 2025 began, FET, the native cryptocurrency of the Artificial Superintelligence Alliance, has dropped by 50%. At the beginning of the year, FET’s price was inches away from hitting $2.
By April, it had reached a yearly low of $0.35. While it has bounced to $0.65 after nearly three months, several indicators reveal that a major breakout is far from possible.
Here is a thorough breakdown of the outlook for cryptocurrency.
FET Still Range Bound
Despite FET’s recent recovery, the altcoin’s 4-hour chart shows it is still trapped in a bearish pattern. As seen below, FET’s price is below the upper trendline of the descending channel.
This indicates that the sentiment around cryptocurrency is bearish. Demand is low, and bears seem to have more power than bulls.
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Besides this, the Relative Strength Index (RSI) has dropped below the neutral point, indicating bearish momentum. Should the RSI reading remain below 50.00, FET’s price risks fall below the support at $0.58.
One reason this could happen is the overhead resistance at $0.70. From the Image below, the Bull Bear Power (BBP) is weak.
Since the reading is negative, FET bulls might find it challenging to break the overhead resistance. If this continues, FET might remain stuck in consolidation as it has over the last few weeks.
Like the technical setup, on-chain data shows that FET’s price might experience consolidation. This is according to the In/Out of Money Around Price (IOMAP).
No Way Out Yet
Typically, the higher the volume of tokens in unrealized profits, the stronger the support. On the other hand, the higher the volume of unrealized losses, the stronger the resistance.
At press time, IntoTheBlock data shows that the IOMAP shows a similar volume of tokens in losses and profits between $0.58 and $0.74. This indicates a possible balance between a buy wall and a sell wall.
Due to this, FET’s price might keep trading between the range mentioned above, and it might not be able to test $1 anytime soon.
FET Price Analysis: Consolidation Continues
On the daily chart, FET’s price is hovering near the 20-period Exponential Moving Average (EMA). This position indicates that FET has the support to prevent another major correction.
However, the Awesome Oscillator (AO) is in the negative region. The AO position indicates bearish momentum.
The cryptocurrency might keep swinging between $0.58 and $0.75 if this remains the same. However, if demand for the cryptocurrency increases, this trend could change.
In that scenario, FET might experience a break above $1. But if bears intense selling pressure, the price might decline toward $0.35 again.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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