- FET hovered at the crucial $0.743 support level, with investors watching for a breakout or further decline.
- Why this level is a make-or-break price level?
Artificial Superintelligence Alliance’s [FET] market is at a crossroads, and all its investors are holding their breath for the $0.743 support level.
This has been a historical pivot for FET price action, and now its significance is being called into question as market forces shift.
Is this the foundation of a bullish reversal or will altcoin prices continue to decline? Let’s find out…
Will $0.743 support level’s historic importance hold?
The FET $0.743 support level is not just another number on the chart. This support was previously the catalyst for an immense early August rally and is a vital technical and psychological level.
During earlier attempts near this price level, a significant influx volume of FET buyers made it ascend into positive ranges. However, the current scenario seems different.
Exchange reserves have been in a downtrend over the past week, and with 95% of FET’s total supply in circulation at press time, liquidity conditions can significantly influence price action.
This raises the question: will history repeat itself or will market dynamics override past trends?
Source: TradingView
FET’s market sentiment and supply dynamics
AMBCrypto’s analysis of recent CryptoQuant data indicates a sluggish decline in FET exchange reserves, suggesting fewer coins are available for trading. This could reduce FET selling pressure.
However, it also indicates that altcoin buyers may struggle to find sufficient liquidity to drive a sustained rally. With 95% of the supply already in circulation, the market relies on existing holders and their willingness to buy or sell.
If buyers come in at the $0.743 support level, as they did early in August, it could be a launchpad for a reversal.
However, if selling pressure increases, a breach below this support could trigger further downward movement, pushing altcoin prices deeper into bearish terrain.
Source: CryptoQuant
What next for the altcoin?
The critical $0.743 price level is a make-or-break zone. A bounce from this price level could reignite FET bullish sentiment, potentially leading the altcoin to retest higher resistance levels.
Conversely, a breakdown could see prices dip further, with the next support level becoming the focus.
Credit: Source link
