Fetch.ai (FET) Token Faced a Massive Decline, Falling 75% From Its All-Time High, With Significant Short Liquidations

The Fetch.ai token got a very solid security score of 90.12. It also belonged to the AA tier, as per CertiK Skynet. The security ranking of the token was #88, and the governance score of the token was also strong.

The Fetch.ai (FET) token encountered a significant decline on Monday, facing a drop of 75% from its all-time high. This decline was accompanied by substantial short liquidations in the derivatives market.

Despite the price downturn, Fetch.ai maintained a strong security score of 90.12, according to CertiK Skynet. The token was categorized in the AA tier, with a security ranking of 88. Additionally, the token's governance score was also noted to be strong.

According to CoinMarketCap, the market capitalization of Fetch.ai had risen by 0.96% over the past 24 hours. However, it had been consistently declining over the previous few days. The token's market capitalization ranking was 35th, as reported by CoinMarketCap.

The trading volume of Fetch.ai also saw an increase of 20.7%, leading to a traded value of $163.235 million during the last 24 hours. This resulted in medium liquidity, with 7.5% of the crypto's market capitalization being traded.

At the time of writing, the circulating supply of FET was 2.520 billion, which constituted 95.8% of the maximum supply. The maximum supply of Fetch.ai was 2.630 billion, leading to a fully diluted market capitalization of $2.257 billion.

The derivatives volume for Fetch.ai showed a slight decline of 0.06% over the past 24 hours, amounting to a traded value of $132.66 million.

The liquidation chart for Fetch.ai indicated a large volume of consistent longs being liquidated in the token during the last few days. This signaled the dominance of sellers in the market.

Furthermore, the liquidated longs for Fetch.ai were valued at $10.57K during the last 24 hours. In contrast, the short liquidation for the token was valued at $51.20K.

FET Token Technical Analysis:

The FET token price experienced a strong downtrend, followed by a breakdown from the symmetrical triangle.

The FET token price faced consistent profit booking from the end of March 2024, forming a lower low swing on the daily chart of the token.

Additionally, a solid support level was formed at the lower levels, which was again broken down a few days ago.

This continuous decline in the token price showed strong bearish behavior, indicating that the FET token price might continue to lower levels.

Fetch.ai Token Technical Chart Overview

The FET token price has consistently traded below the 50-day and 200-day EMAs over the past month, showing a strong downtrend, and both EMAs traded in a death crossover on the chart.

FET/USD Chart by TradingView

The MACD and the signal line traded in a death crossover and sustained the negative trajectory for a long time, forming strong bearish histograms on the chart, supporting the price downtrend.

The RSI also traded in the negative territory and sustained below the 14-day SMA for a long time. At the time of writing, the price traded at a level of 33 and hit the oversold zone a few days ago.

The FET token price might take support at $0.180 and $0.520, and it may face resistance at $2.50 and $3.40 levels.

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