Artificial Superintelligence Alliance [FET] Has Joined the List of Altcoins

The Directional Movement Index’s ADX (yellow) and -DI (red) were both above 20, highlighting the downward trend. The Chaikin Money Flow was also below the zero mark. This indicated that the sellers had more strength than the buyers in the market.

The Choppiness Index’s reading was 39.92. This meant that the market was less choppy and had a strong directional trend, bearish in this case.

The OBV backed up this finding by trending downwards since mid-December. This downtrend seemed to be characterized by persistent selling volume behind FET. Hence, it was not a consolidation phase that saw accumulation from holders. According to the OBV, buyers were scant and scattered.

The 4-hour chart illuminated the lower timeframe situation. It showed that the $0.6 support from February was tested multiple times. And, it eventually gave way in the first week of March.

The Fibonacci extension levels showed that the 23.6% level at $0.482 posed little opposition to the price.

Hence, it may be likely that FET would retest the $0.48-$0.52 region as resistance before falling lower. The 61.8% extension level at $0.295 would be the next target. The $0.35-$0.37 level could also act as support on the way down.

Traders can expect a bounce to $0.5-$0.52, followed by a drop to $0.37 or $0.42. If the downtrend continues, more losses and a move to $0.295 might be plausible.