Heavy selling hits FET, yet buyers refuse to back down
Fetch.ai (FET) has entered a bearish phase, declining 11% amid a weakening broader market. However, trading activity surged by 145%, indicating intense market participation. This divergence suggests the sell-off may be a market readjustment, with bulls accumulating at lower levels.
Key indicators support this view. The Accumulation/Distribution line remains skewed toward buying, showing investors are accumulating FET despite the price drop. The Chaikin Money Flow (CMF) sits at a positive 0.09, signaling that buyers still control market momentum. A dragonfly doji candlestick pattern has formed on the charts, hinting at a potential bullish reversal after the downtrend.
For a confirmed recovery, FET must overcome key resistance levels, first at $0.27 and then near $0.31. The broader AI token market has also seen short-term weakness, though its long-term structure remains strong with a 16.59% gain in market cap. FET's current correction appears to be part of a broader adjustment, with strengthening accumulation metrics suggesting downside pressure could soon give way to a bullish rebound.
ambcrypto01/20 02:02
