FET's rise slowed down: What is expected?

The Artificial Superintelligence Alliance (FET) is losing its upward momentum due to increasing selling pressure.

According to an analysis prepared by AMBCrypto, FET's current market sensitivity indicates a potential slowdown. The analysis suggests that FET, which continues to show an upward trend on weekly and daily charts, is slowing down.

The analysis included the following statements;

“Recent developments indicate that FET is preparing for a new rise, but the continuation of the rise depends on certain conditions being met."

Will FET be able to continue its rise?

According to Analyst Crypto Leo, a symmetrical triangle formation has formed on the weekly chart of FET. FET has managed to break out of this formation with the recent rise it has experienced in the past few hours. According to historical data, a symmetrical triangle formation emerges before a potential rally.

An analyst claimed that the FET rally may be delayed due to the resistance levels emerging within the formation. The resistance point has been identified as the point where FET may face selling pressure and experience a significant drop.

Indeed, FET must close daily above the marked $1.44 level on the chart. If the $1.44 resistance is broken, the uptrend may continue. The popular altcoin is trading around the $1.53 region.

AMBCrypto recorded the following;

"If FET can break the resistance point in the symmetrical triangle formation, it can reach $3.5."

In the analysis, it was stated that there is not only one resistance point in front of the potential rise of FET. According to the analysis, the attitude of FET holders also increases the risk of a decline.

Coinglass reported that investors holding FET in their wallets have started selling significantly. On-chain data showed that a large amount of FET has been transferred to centralized exchanges.

The analysis included the following statements;

“4.34 million dollars worth of FET was transferred to the exchanges. If the downward trend continues and more investors follow this trend, FET may experience a decline from current levels.“

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks and readers should conduct their own research when making decisions.