FET Price Prediction: Key Support Level Broken, Will the AI-Themed Token Recover?

After holding onto the $1 market for months, the Artificial Superintelligence Alliance (FET) price has fallen below the threshold. This decrease follows a challenging crypto market that has seen altcoin prices plunge to levels not seen in a long time.

After months of holding onto the $1 mark, Artificial Superintelligence Alliance (FET) price has dropped below the threshold. This decline follows a difficult crypto market that has seen altcoin prices plummet to lows not seen in a while.

At the time of writing, FET, formerly known as Fetch.ai, trades at $0.71, showing a 78.32% decrease from the all-time high it hit in March.

No Super Season for Artificial Superintelligence Alliance

According to Santiment, as the altcoin’s price dropped, its trading volume surged to the triple digits. In crypto, trading volume measures the total value of tokens traded over a specific period.

For FET, the volume increased by 245% in the last 24 hours, rising to levels close to $300 million. This surge indicates a lot of buying and selling around the AI-themed token.

Usually, rising volume with increasing price strengthens an uptrend. However, in FET’s case, the drop in price and sharp rise in volume indicates intense selling pressure, suggesting another downturn.

This decline might come as a surprise to FET holders who were expecting a price increase from the ASI merger, a union of three cryptocurrencies. The merger led to an increased circulating supply, which usually raises market capitalization since it’s a product of price and tokens in circulation.

Even though the merger is yet to be completed, FET’s market cap reached $3.32 billion on July 27. At press time, the token had lost a significant portion of its value, dropping to $1.78 billion.

FET Price Prediction: Key Support Level Broken

According to the daily chart, bulls had camped at the $1.05 support up until August 2, when they lost hold of the region. This development saw FET price continue to show weakness.

Furthermore, BeInCrypto observed that the token trades below the 20-day Exponential Moving Average (EMA). The EMA measures trend direction, and when the price of a cryptocurrency trades above it, the trend is bullish.

However, the fact that it changes hands below the indicator suggests that the trend is bearish. Should this remain the case, FET’s price may continue to slide downwards.

If current market conditions remain the same, the cryptocurrency’s value may drop to $0.69. However, if buying pressure increases, FET could return to $1.

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