The Artificial Superintelligence Alliance [FET] has recently faced a downward trend, experiencing a 14% decline over the past fortnight. This bearish pressure has hindered any breakout from the descending parallel channel it has been following. <\/p>\n
As of the latest figures, FET is trading at $1.18. The digital currency is encountering resistance at $1.34, which coincides with the upper boundary of the descending channel, while witnessing a decrease in buying interest.<\/p>\n
The Relative Strength Index (RSI) currently stands at 37, signifying considerable selling pressure. Furthermore, the RSI has been consistently hitting new lows, reflecting a growing bearish sentiment.<\/p>\n
There is also an upward movement in the Average Directional Index, indicating a robust ongoing downtrend that could persist unless there is a shift in demand.<\/p>\n
Despite the prevailing downward trends on the daily chart, on-chain indicators are hinting at a potential bullish reversal.<\/p>\n
According to data from CryptoQuant, FET exchange reserves have markedly decreased over the past four days, going from 502 million to a weekly low of 497 million.<\/p>\n
A reduction in exchange reserves can alleviate selling pressure and potentially lead to a decrease in selling activity revolving around FET, setting the stage for a recovery.<\/p>\n
The drop in this metric also implies that the recent downtrend has purged less stable holders contributing to the heightened selling activity.<\/p>\n
Notably, there has been a noticeable surge in whale trading activities associated with FET. Data from IntoTheBlock highlights that large transactions exceeding $100,000 surged from 4.63M to 7.56M in a 24-hour period.<\/p>\n
This uptick indicates a significant level of whale involvement in FET, potentially influencing the price positively if they are buying, or exerting downward pressure if they are offloading their holdings.<\/p>\n
Given that whales hold a substantial 63% of the token’s supply, any heightened activity from them could result in substantial price fluctuations.<\/p>\n
An examination of funding rates reveals that traders holding long positions in FET still outnumber short sellers.<\/p>\n
Although long traders are currently paying a premium to retain their positions, a 5% drop in open interest suggests waning demand for new long positions.<\/p>\n
The juxtaposition of positive funding rates with declining open interest points towards a weakening bullish sentiment in the derivatives market. Without fresh buying support and demand for long positions, the prevailing bearish sentiment might persist.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Artificial Superintelligence Alliance [FET] has recently faced a downward trend, experiencing a 14% decline over the past fortnight. This bearish pressure has hindered any breakout from the descending parallel channel it has been following. As of the latest figures, FET is trading at $1.18. The digital currency is encountering resistance at $1.34, which coincides<\/p>\n","protected":false},"author":1,"featured_media":29620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-29618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/29618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=29618"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/29618\/revisions"}],"predecessor-version":[{"id":29624,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/29618\/revisions\/29624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/29620"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=29618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=29618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=29618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}