2024

Reversal

Coin

<p><strong>FET </strong>was consolidating<strong> </strong>near the $1.10 mark in a double-bottom formation over the week. Amidst the market selloff, the token corrected by 45% last month. The bulls managed to defend the $1 mark and are attempting a recovery.</p> 
<p>Despite its recent merger to form <strong>ASI </strong>(Artificial Superintelligence Alliance), FET displayed negative sentiments and continued to lose gains.</p> 
<p>However, few technical indicators indicate that the token has bottomed out and could rebound ahead. Once it began consolidating near the $1 mark, a breakout would become more likely.</p> 
<h2 class="wp-block-heading" id="h-did-fet-trigger-a-reversal-from-its-bottom"><strong>Did FET Trigger a Reversal From its Bottom?</strong></h2> 
<p>After correction, FET looks oversold. The correction wave pushed the token towards its pivot mark of $1 where it paused. This week has been stable so far, but a pullback soon can be expected.&nbsp;</p> <iframe title="Santiment Chart: Volume (FET), Price (FET)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-01-10T18%3A29%3A59.707Z&amp;dt=2024-07-10T18%3A29%3A59.707Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bvolume_usd%3Bfetch%3BFET%5D%3B%5B1%3Bprice_usd%3Bfetch%3BFET%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D" scrolling="no"></iframe> 
<p>At press time, <strong>FET </strong>was trading at $1.20 with a 3.22% intraday surge, reflecting neutrality on the chart. It has a monthly return ratio of -31.20% and 457.20% yearly, reflecting short-term profit booking.</p> 
<p>The pair of FET/BTC is at 0.0000206 BTC, and the market cap is $3.09 Billion. Analysts are neutral and suggest that <a href="https://www.thecoinrepublic.com/2024/07/02/fetch-ai-fet-lost-30-of-gains-this-week-amidst-asi-merger/"><strong>FET </strong>may regain </a>and recover soon.</p> 
<p>Trading below the key moving averages, the token stayed in the downward region and struggled to display reslience. The <strong>RSI curve</strong> is in the oversold region and converged.</p> 
<h2 class="wp-block-heading" id="h-network-growth-shows-dip"><strong>Network Growth Shows Dip</strong></h2> 
<p>Amidst the price decline, the network growth data showed a steep decline and swam to 208, and reflected that the new addresses have lost their interest in the token.</p> <iframe title="Santiment Chart: Network Growth (FET), Supply held by top addresses (FET)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-01-10T18%3A29%3A59.707Z&amp;dt=2024-07-10T18%3A29%3A59.707Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bnetwork_growth%3Bfetch%3BFET%5D%3B%5B1%3Bamount_in_top_holders%3Bfetch%3BFET%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B" scrolling="no"></iframe> 
<p>Meanwhile, the supply held by the top addresses peaked at around 1.78 Billion, demonstrating that investors’ trust is still high and they are expecting a recovery, as evident from the data.</p> 
<h2 class="wp-block-heading" id="h-social-dominance-and-development-activity-data-insights"><strong>Social Dominance and Development Activity Data Insights&nbsp;</strong></h2> 
<p>On the social front, the social dominance data displayed a notable decline of over 32% this week, representing the decrease in investors’ attention on the social media platforms.</p> <iframe title="Santiment Chart: Social Dominance (FET), Development Activity (FET)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-01-10T18%3A29%3A59.707Z&amp;dt=2024-07-10T18%3A29%3A59.707Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bfetch%3BFET%5D%3B%5B1%3Bdev_activity%3Bfetch%3BFET%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%222d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Meanwhile, the development activity data surged to 26.71, revealing consistent developments in the ecosystem, reflecting growth in the token. @Trader Tim in his tweet said that FET could break out soon.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Potential <a href="https://twitter.com/search?q=%24FET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FET</a> breakout attempt here. <a href="https://t.co/6NVoX0fglA">pic.twitter.com/6NVoX0fglA</a></p>— Trader Tim (@trader_tim_) <a href="https://twitter.com/trader_tim_/status/1810889892081090781?ref_src=twsrc%5Etfw">July 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Per the <strong>GIOM Indicator,</strong> 51% of its holders are in profit, while 41% are still looking for a change.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdc7AvkrTtYEQwXIiVq15pEpXrXHONZOBwQdqnFWeiyD3QCDDRYNM2TuwJAwisyCDB3QQNNkOwYk0MWl_mQm1oHb5kBJFUjAYmPtKNfhgHFjBebVdIC_Pe4JcglIF6cl55XOjfji3PUQBA7zowJ8KQsOXFs?key=mcIlm3ywHInfbthWI8xMVw" alt="">
 <figcaption class="wp-element-caption">
  GIOM Indicator Source: IntoTheBlock
 </figcaption>
</figure> 
<p><strong>FET </strong>has a correlation of 0.66 with BTC. The recent dip in BTC price affected the token as it sails toward the $1 mark. The immediate support levels for <strong>FET </strong>are $1.0 and $0.920, whereas the key upside hurdle is around $11.40, followed by $1.50.&nbsp;</p> 
<p><strong>FET </strong>has been consolidating throughout, staying near the $1.10 mark, so far this week. The token failed to recover, demonstrating stability. Post correction, the token fell to its demand zone, which might fuel a recovery.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/11/fet-loses-steam-will-bulls-defend-the-1-mark-amidst-selloff/">FET Loses Steam: Will Bulls Defend The $1 Mark Amidst Selloff?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

FET Loses Steam: Will Bulls Defend The $1 Mark Amidst Selloff?

Inhaltsverzeichnis

Thecoinrepublic.com

Weitere Artikel, die am 11. Juli 2024 veröffentlicht wurden

Expert Draws Out Bitcoin (BTC) Price Short-Term Trajectory: Reveals When Altcoins Will Finally Pump

Buyer of Oil King Pepe (OILPEPE) Solana Memecoin Makes Huge 6,500% Profit But Waits For Another 2...

PeiPei Gains Attention in the Memecoin Market

SSV.Network Powered Simple DVT Module Officially Goes Live

REX Shares Launches 2X Bitcoin ETFs for Volatility Traders

Santa Monica Embraces Bitcoin: City Council Unanimously Votes to Establish a Bitcoin Office

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!