Fetch.ai Research Hub | FET information, history and analysis

FET continues to struggle against strong selling pressure as it aligns with a broader bearish sentiment within the cryptocurrency market. Significant daily liquidations are occurring, indicating a reluctance among investors to buy, further complicating any recovery prospects for FET.

Recent analysis highlights a key support level for FET at approximately $0.295. Technical indicators point to a lack of buying pressure, suggesting that investors should remain cautious as FET may face further declines.

FET is currently at the 0.743 USD support level, historically a launchpad for price increases. Strong buying signals at this level could lead to a rally or a continuation of the bearish trend.

Recent declines in FET’s exchange reserves may reduce selling pressure. If buyer interest gathers at 0.743 USD, it may support a reversal, while a breakdown could push prices into a deeper bearish trend.

FET’s price dropped sharply by 20% in one week and over 40% in the past month because of adverse trends in AI cryptocurrencies. Mid-sized holders are offloading FET while larger investors continue to accumulate, causing uncertainty in the market.

The ADX index indicates strong bearish momentum, rising to 49.4. The crucial support level stands at 0.69 USD; if breached, it could lead to a drop below 0.50 USD, with larger holders increasing their stakes.

FET token’s price has reached its lowest in four months at $1.08 due to significant sell-offs by whale investors. This selling pressure has resulted in a negative market sentiment, reflected by a weighted sentiment score of -0.41.

Currently, FET is trading below its 20-day exponential moving average, indicating a bearish trend. If this decline continues, projections show that the price may fall to 0.70 USD.

FET saw a 20% price increase after retesting a vital support level at 1.00 USD. Whale transactions experienced a significant rise of 106% in 24 hours, reflecting strong interest from major holders, which often indicates bullish price movements.

Active addresses have also increased by 5%, showing heightened network activity. Technical analysis suggests that if momentum continues, FET could potentially break through resistance levels, targeting a price of 1.44 USD.

FET’s price indicates bullish momentum with a breakout above 1,290 USD, supported by Fibonacci levels. The next resistance identified at 1,335 USD may see increased selling pressure.

The Relative Strength Index shows upward momentum for FET, currently between 55-60, suggesting there’s room for additional gains without reaching overbought conditions.

Overall, the crypto market experienced a growth of over 2% in the past 24 hours, crossing 3.2 trillion USD in total market cap. This positive trend enhances liquidity and trading volumes for assets like FET.

Decentraland shows the highest development activity among NFT projects, outpacing others like FLOW and FET. Meanwhile, FET has climbed to the fifth position in development activity over the past month. This progress signifies positive momentum for both tokens, suggesting future growth potential in the rapidly evolving NFT space.

While some MAJOR NFT players are retreating, development remains strong. MANA and FET, despite the exits, exhibit bullish signs in supply distribution. Experts foresee growth in the NFT sector in 2025, with an extended use case for NFTs, hinting at an expansion in adoption and market potential, driven by innovative projects.

Accumulation trends suggest larger holders are buying more MANA since late November, and FET shows similar trends from early December. Both tokens have seen an increase in activity and interest, with wallets holding significant amounts growing steadily, reflecting a bullish sentiment among larger investors and holders in the market.

FET’s price ROSE by 25% this week, indicating a strong recovery. However, bearish signals, specifically the Price DAA Divergence, pose potential threats to this uptrend. With network activity declining despite increasing prices, there is a risk that investor confidence may falter, potentially affecting FET’s price negatively.

FET must stay above 1.19 USD to avoid confirming a bearish head-and-shoulders pattern. Holding support above 1.40 USD is essential for it to pursue targets of 1.71 USD and 2.00 USD. Without adequate momentum indicated by the Average Directional Index, reaching these resistances might prove challenging.

The FET Alliance, a notable AI-themed altcoin, has announced plans to burn 5 million FET tokens as part of its deflationary strategy, scheduled for January 10, 2025. This will be the first token burn within the ecosystem, aimed at reducing supply and potentially boosting the value of the currency.

Following the announcement, significant interest has surged in the cryptocurrency community on social media platforms. Over the past week, the price of FET has risen by 14%. However, it is still 57% less than its peak price nine months ago at 3.47 USD.

FET currently ranks as the sixth largest AI-themed altcoin with a market cap of 3.63 billion USD. Its operations across MAJOR chains such as Ethereum, BNB Chain, and Cosmos suggest strong growth potential in the AI sector.

As FET trades at 1.33 USD, traders closely monitor 1.38 USD resistance, anticipating a substantial rally. A breakthrough could result in a price surge of 20-30%, aligning with historical breakout patterns.

The recent surge of 47.36% in new addresses and a 12.46% increase in active addresses underline heightened interest in FET. This bullish sentiment, along with positive technical indicators, supports the potential for upward momentum.