tl;dr
The Artificial Superintelligence Alliance (FET) has experienced a significant 34% price decline, leading to historic losses for investors. The market sentiment remains bearish, with retail investors cautious about making moves. Despite this, whale activity has been bullish, with large FET holders ac...
The Artificial Superintelligence Alliance (FET) has experienced a significant 34% price decline, leading to historic losses for investors. The market sentiment remains bearish, with retail investors cautious about making moves. Despite this, whale activity has been bullish, with large FET holders accumulating tokens, signaling confidence in a potential recovery. FET's price has fallen below key support levels, but there is a chance for recovery if it holds above $0.76. However, a further drop could lead to more losses. Realized losses for FET holders have reached their highest levels in the altcoin’s history. This is a result of many investors selling off their holdings earlier this week to prevent further losses. As a result, the general market sentiment remains highly bearish. Many retail investors are hesitant to make moves, reflecting the pessimistic outlook within the market. Despite the widespread losses, whale activity has been notably bullish. Addresses holding between 1 million and 100 million FET have added approximately 92 million FET to their holdings over the past week, valued at $70.8 million. This accumulation at lower price levels signals that whales are positioning themselves for a potential recovery, showing confidence in FET’s long-term potential. FET’s price broke through the key support level of $1.19, falling to $0.77 at the time of writing. Currently, FET is holding above the support of $0.76, suggesting it may have reached its market bottom. If this support is sufficient, the altcoin will have a chance to recover its recent losses. However, for a successful recovery, FET must flip $1.04 into support, signaling the end of the correction phase. On the other hand, if FET loses the $0.76 support level, it could fall further. The next potential target is $0.73, and a drop below this level could see the price approaching $0.64, which would invalidate the bullish outlook and lead to further losses. The article also includes sponsored content related to cryptocurrency platforms: Wirex, YouHodler, eToro, Phemex, and BingX. Please note: The content regarding the cryptocurrency platforms does not include hyperlinks.