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">
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  <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?

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