The price of Artificial Intelligence Alliance (FET) has fallen below $1, marking a significant decline in the cryptocurrency market.
Market Situation and Trading Volume Surge
Recently, FET (formerly Fetch.ai) has seen a sharp drop, trading at $0.71, down 78.32% from its peak in March. Altcoin prices have been struggling, leading to this downturn.
Santiment reported a surge in trading volumes, with FET’s volume growing by 245% in the past 24 hours, hitting nearly $300 million. This indicates intense buying and selling activity around AI-themed tokens.
While increased volume typically strengthens an uptrend, the surge in volume coupled with falling prices for FET suggests strong selling pressure, pointing towards a further decline.
Impact of ASI Merger on FET
Investors had high hopes for a price boost through the ASI merger involving three cryptocurrencies, but the expected positive impact has not materialized. Market capitalization, determined by price and circulating tokens, has decreased significantly, from $3.32 billion to $1.78 billion.
FET Price Prediction and Analysis
The support at $1.05 was lost on August 2, leading to continued price weakness for FET. Additionally, the coin is trading below the 20-day exponential moving average, signaling a bearish trend.
If current market conditions persist, FET’s value could drop to $0.69. However, a surge in buying pressure could potentially push the price back up to $1.
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