FET has been navigating turbulent waters, consolidating near the $1.10 mark in a double-bottom formation over the past week. Amidst a broader market selloff, the token corrected by 45% last month, but the bulls have shown resilience, defending the crucial $1 mark and attempting a recovery. Despite a recent merger to form the Artificial Superintelligence Alliance (ASI), FET has struggled with negative sentiments and continued to lose gains. However, technical indicators suggest that the token might have bottomed out, hinting at a potential rebound. As FET consolidates near the $1 mark, a breakout could be on the horizon.

Did FET Trigger a Reversal From its Bottom?

After a significant correction, FET appears oversold. The correction wave pushed the token towards its pivot mark of $1, where it paused. This week has been stable so far, but a pullback soon can be expected. At press time, FET was trading at $1.20 with a 3.22% intraday surge, reflecting neutrality on the chart. It has a monthly return ratio of -31.20% and a yearly return of 457.20%, indicating short-term profit booking.

The pair of FET/BTC is at 0.0000206 BTC, and the market cap stands at $3.09 billion. Analysts remain neutral, suggesting that FET may regain and recover soon. Trading below key moving averages, the token stayed in the downward region and struggled to display resilience. The RSI curve is in the oversold region and converged.

Network Growth Shows Dip

Amidst the price decline, network growth data showed a steep decline, dropping to 208, reflecting that new addresses have lost interest in the token. Meanwhile, the supply held by top addresses peaked at around 1.78 billion, demonstrating that investors’ trust remains high, and they are expecting a recovery, as evident from the data.

Social Dominance and Development Activity Data Insights

On the social front, social dominance data displayed a notable decline of over 32% this week, representing a decrease in investors’ attention on social media platforms. Meanwhile, development activity data surged to 26.71, revealing consistent developments in the ecosystem, reflecting growth in the token.

@Trader Tim in his tweet said that FET could break out soon.

Potential $FET breakout attempt here. pic.twitter.com/6NVoX0fglA— Trader Tim (@trader_tim_) July 10, 2024

GIOM Indicator Insights

Per the GIOM Indicator, 51% of its holders are in profit, while 41% are still looking for a change. The GIOM Indicator source from IntoTheBlock shows that FET has a correlation of 0.66 with BTC. The recent dip in BTC price affected the token as it sails toward the $1 mark. The immediate support levels for FET are $1.0 and $0.920, whereas the key upside hurdle is around $1.40, followed by $1.50.

Technical Analysis and Future Projections

FET has been consolidating throughout, staying near the $1.10 mark so far this week. The token failed to recover, demonstrating stability. Post-correction, the token fell to its demand zone, which might fuel a recovery. Technical indicators suggest that FET might have bottomed out, hinting at a potential rebound. As FET consolidates near the $1 mark, a breakout could be on the horizon.

Market Sentiment and Investor Behavior

Despite the recent merger to form ASI, FET displayed negative sentiments and continued to lose gains. However, few technical indicators indicate that the token has bottomed out and could rebound ahead. Once it began consolidating near the $1 mark, a breakout would become more likely.

Summary

FET’s journey has been marked by significant volatility, with the token consolidating near the $1.10 mark amidst a broader market selloff. Despite a 45% correction last month, the bulls have shown resilience, defending the crucial $1 mark and attempting a recovery. Technical indicators suggest that FET might have bottomed out, hinting at a potential rebound. As FET consolidates near the $1 mark, a breakout could be on the horizon. Investors and analysts remain cautiously optimistic, keeping a close eye on key support and resistance levels.

The author does not own or have any interest in the securities discussed in the article.