🚨 FET Price Plummets: Will AI Crypto Survive? 🤖

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Oh, the humanity! FET price has been plummeting like a Ukrainian Cossack on a runaway horse, dropping a whopping 40% in the last 30 days and another 20% in the past week. It’s as if the very fabric of the artificial intelligence token market has been torn asunder, leaving FET to face the merciless whims of fate.

But fear not, dear reader, for amidst this chaos, a glimmer of hope flickers like a candle in the wind. While mid-sized whales have been selling their FET holdings with all the haste of a fleeing rabbit, larger holders have been accumulating, their actions a testament to the enduring power of optimism in the face of adversity.

FET Whales: A Tale of Two Strategies

It appears that FET whales have been sending mixed signals, like a pair of confused lovers unsure of their next move. The number of addresses holding between 100,000 and 1,000,000 FET has decreased from 404 to 389, while those holding 1,000,000 to 10,000,000 FET has increased from 166 to 180.

This dichotomy has led to a shift in the market, a veritable game of musical chairs where the players are unsure of their next move. Will the mid-sized whales continue to sell, or will the larger holders’ accumulation efforts stem the tide of FET’s decline?

As we navigate this treacherous landscape, it’s essential to keep a weather eye on whale activity, for their movements often dictate the price trends. With FET down 15% in the last 24 hours and nearly 50% in the past month, this pattern could indicate either a potential bottom or continued volatility.

But fear not, dear reader, for if large whales continue to buy, confidence in recovery may grow, and the FET price may yet rise from the ashes like a phoenix.

FET DMI: A Strong Downtrend

FET’s ADX is currently at 49.4, a number that has nearly doubled in just two days, like a runaway train careening out of control. This sharp increase signals that the strength of the current trend is intensifying, reinforcing the ongoing market direction.

Given that FET is in a downtrend, the rising ADX suggests bearish momentum is getting stronger, like a Russian winter that refuses to relent.

ADX measures trend strength, with values above 25 indicating a strong trend and those above 40 signaling an even more powerful move. Meanwhile, +DI has dropped from 14.5 to 5.7, while -DI has surged from 19.6 to 37.3, peaking at 48.1 earlier.

This confirms that sellers are firmly in control, and unless +DI starts rising, FET price could face further downside pressure, like a ship without anchor or rudder, at the mercy of the tempests.

FET Price Prediction: A Descent into the Abyss?

FET’s EMA lines are in a bearish formation, like a pair of crossed swords, with all short-term lines below the long-term ones. If the current downtrend remains strong, FET could test support at $0.69, and a breakdown below that could lead to $0.59.

If selling pressure persists, the price could drop below $0.50 for the first time since December 2023, threatening its position as one of the most relevant artificial intelligence cryptos in the market, like a once-mighty giant felled by the slings and arrows of outrageous fortune.

However, a shift in momentum could push FET price toward resistance at $0.94. A breakout above this level could see it test $1.11, with further upside potentially bringing it back to $1.34.

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2025-02-04 06:42