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FET Coin Analysis: Upcoming Consolidation Amid Growing Downtrend

The price of the currency suffers (FET) is one of the recent corrections that eliminated significant profits from the digital currency market.

Even if a recovery is about to occur, FET might not be able to recoup all the profits as it is biased towards consolidation. investors back off

The price of the FET token has seen a significant decline in recent days, which has understandably spooked investors. The general market decline has also put off many potential investors.

This is clearly evident in the decline in network growth. The index fell to its lowest level in several months after the corrections. The growth of the network is explained by the formation and sharing of new addresses on the network.

Growth of the network.
Growth of the network. Source: Feeling

A decrease in the same indicator is an indication that... is losing its market appeal, Which creates bearish conditions.

Read more: (FET) Price Forecast for 2024, 2025, 2026, 2027

Additionally, some online investors may not be resilient as the market issues a sell signal. Derived from the daily active address divergence (DAA) of price, this signal only flashes when price and commitment are moving in the opposite direction or when both are behaving in a bearish direction. DAA DAA Price variation. DAA Price Divergence. Source: Feeling

The case for FET is that past conditions are observed, potentially triggering selling among investors.

FET Price Prediction: Sideways Trend Is the Way to Go

He will probably testifyThe price of, which trades at $1.93, That is, just below the $2.00 level, consolidation ahead due to mixed market signals. The upcoming halving event indicates that the Bitcoin halving will inevitably cause the price of Bitcoin to rise, which will inevitably affect altcoins as well. However, a lack of support from investors could create bearish conditions.

And so, price could end up moving sideways Instead of sticking to one narrative or the other. This consolidation will be around $2.26 and $1.71, which have proven to be strong resistance and support levels, respectively.

FET/USDT 1-day chart.
FET/USDT 1-day chart. Source: Trading View

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A breakout or breakdown of these limits could cause a bullish or bearish reaction, invalidating the current neutral downtrend thesis.

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