Altcoins News
By Evie Vavasseur
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FET, the token associated with the Artificial Superintelligence Alliance, has remained stable around the $0.8 mark in recent days, despite fluctuations in the broader market.
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The AI-focused cryptocurrency, with a market cap of around $2 billion, has been experiencing sideways price movement for nearly two weeks.
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A closer look at FET's 1-day chart reveals some interesting patterns. Recently, FET experienced a retracement after a bearish divergence was observed on the Money Flow Index (MFI).
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The key support level for FET has been identified at $0.75, as indicated by the Fixed Range Volume Profile, plotted from late January.
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The MFI indicator currently rests near the neutral 50 level, indicating that there is plenty of room for price expansion in either direction.
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Looking at a potential short-term range, the 1-week liquidation heatmap offers additional insights. A significant liquidity cluster has formed around the $0.
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To the downside, another pocket of liquidity is positioned around the $0.76 mark, just below the local lows. This implies that FET could form a price range between $0.77 and $0.
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Despite the short-term fluctuations, FET’s long-term outlook remains optimistic, driven by the strength of its support levels and the overall growth in the AI and DeFi sectors.
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In conclusion, while FET’s price has been holding firm around $0.8, the cryptocurrency is currently in a consolidation phase.
The Currency Analytics
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