beincrypto.com
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.
As of this writing, $FET, formerly known as Fetch.ai, trades at $0.71, representing a 78.32% decline from the all-time high it reached in March.
Not a Super Season for Artificial Superintelligence Alliance
According to Santiment, while the altcoin’s price dropped, its trading volume surged dramatically. 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 close to $300 million. This rise indicates a lot of buying and selling around the AI-themed token.
Typically, rising volume alongside increasing price strengthens an uptrend. However, in $FET’s case, the drop in price and sharp rise in volume indicate intense selling pressure, suggesting another downturn.
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This decline may surprise $FET holders who expected a price increase from the ASI merger, a union of three cryptocurrencies. The merger led to an increased circulating supply, which typically raises market capitalization since it’s a product of price and tokens in circulation.
Even though the merger is incomplete, $FET’s market cap reached $3.32 billion on July 27. By 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. $FET price continues to witness weakness as a result of this development.
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 bullish. Should this remain the case, $FET’s price may continue to slide downwards.
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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.