FET has experienced a 5% decline over the past week and now faces further downward pressure as dormant token holders reactivate and move their coins.

With bearish sentiment prevailing and insufficient demand to absorb the increased supply, FET’s price is likely to continue its downward trend.

Old FET Tokens Back in Circulation

During the intraday trading session on Wednesday, FET recorded a significant surge in its age consumed. The metric, which tracks the movement of long-held coins, surged by over 600% in a single day, reaching 1.33 billion — its highest since September 13. 

When an asset’s age consumed spikes, it indicates that many previously inactive coins or tokens have recently been moved or traded. These spikes are often noteworthy because long-term holders rarely move their assets. Therefore, when they happen,  they are often a precursor to a change in market dynamics. 

Read More: How Will Artificial Intelligence (AI) Transform Crypto?

Generally, when dormant coins re-enter circulation, it indicates renewed activity from long-term holders. However, the market must show strong demand for this to translate into positive growth for an asset’s price. 

In FET’s case, this is lacking as market sentiment toward the altcoin remains bearish. Hence, these previously stagnant coins have re-entered the market during a period of weak demand, adding to the downward pressure that the altcoin already faces. 

Currently, FET’s price sits below its 20-day exponential moving average (EMA) and 50-day small moving average (SMA), confirming the weakening demand. The 20-day EMA measures its average close price over the last 20 trading days, while the 50-day SMA is a longer-term indicator that tracks the asset’s average closing price over the past 50 days.

When an asset’s price trades below these key moving averages, selling pressure outweighs buying activity. Traders interpret this setup as a signal for further downward movement. 

FET Price Prediction: Token May Revisit Two-Month Low

Readings from FET’s moving average convergence/divergence (MACD) indicator show that its MACD line (blue) is below its signal line (orange) and is poised to breach its zero line. When this indicator, which tracks an asset’s trend direction and potential price reversal points, is set up this way, buying pressure is weakening, and a sustained price decline is likely.

If FET continues to witness a decrease in demand, its price may fall to a two-month low of $0.70. 

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

However, if market sentiment shifts from bearish to bullish, FET’s price may initiate an uptrend and rally toward $2.09.

Key takeaways

• Bitcoin trades in the $60k region and could dip further if the bearish momentum continues.
• $0DOG is down 6% in the last 24 hours but continues to trade above $0.006 per coin.

BTC could dip below $60k as bears remain in control

The cryptocurrency market has been bearish since the start of the week, with the prices of most coins and tokens currently in the red. Bitcoin, the leading cryptocurrency by market cap, is down more than 2% in the last 24 hours.

At press time, Bitcoin’s price is $60,737, but if the bearish trend continues, it could drop below $60k soon. Analysts believe Bitcoin is consolidating and could rally higher in the medium term. 

What is Bitcoin Dogs?

The cryptocurrency market has been consolidating in recent weeks, but new projects continue to emerge, offering investors more ways to invest in the market. Bitcoin Dogs is a new project offering products and services to users in the Bitcoin ecosystem. 

It leverages the growth of the Bitcoin blockchain to become a leading coin. Bitcoin Dogs is the first BRC-20 token ICO on the Bitcoin network and seeks to add another utility layer to the blockchain. 

Following its successful presale, where it raised $13 million, Bitcoin Dogs is currently working on incorporating the basic features of cryptocurrency, non-fungible tokens (NFTs), decentralized finance (DeFi), and Web3 culture to enable it to become a solid Bitcoin-based project. 

$0DOG, Bitcoin Dogs’ native token, is live on several crypto exchanges, including MEXC, Gate.io, Uniswap, Unisat, and others. $0DOG is also live on Coinmarketcap and DEXTools. 

$0DOG underperforms alongside the broader crypto market

$0DOG is underperforming, similar to the broader crypto market. The token has lost 6% of its value in the last 24 hours but continues to trade above $0.006 per coin. 

Despite the bearish market, the Bitcoin Dogs team continues to roll out new features and services for its users. Earlier this week, the team rolled out the $0DOG-ETH LP Farm, with an APY of 447%. 

This latest development allows investors to add liquidity to the Bitcoin Dogs ecosystem and receive massive returns on their investments. 

Should you buy the Bitcoin Dogs token with this retracement?

The cryptocurrency market has been underperforming in recent weeks, and Bitcoin Dogs is no exception. $0DOG is down from the all-time high of $0.01792 it achieved last month. 

The retracement provides a buying opportunity for investors as the token could soar higher once the bulls regain control of the broader cryptocurrency market. The team is already rolling out its products and services, including a blockchain-based game and several staking opportunities. These developments could push $0DOG’s price higher in the medium to long term.

Solana (SOL) has been showing signs of macro bullishness, which could potentially help the altcoin break out of its current ascending triangle pattern. A breakout would open the door for a significant price surge, with institutional investors playing a key role in driving this momentum. 

The largest holders of SOL have continued to back the asset, signaling growing optimism despite broader market uncertainty.

Key Solana Investors Show Support

Institutional investors have remained consistently optimistic about Solana, even as other major cryptocurrencies like Bitcoin and Ethereum have faced outflows. According to a recent report from CoinShares, for the week ending October 4, SOL saw inflows totaling $5.3 million. This figure stands out as Bitcoin and Ethereum experienced significant outflows during the same period, highlighting SOL’s strong appeal.

The fact that Solana is attracting institutional interest, even in a bearish market, suggests big players are confident in its long-term potential. As institutional inflows continue, this could provide the fuel needed to push Solana’s price higher, making it a standout asset in an otherwise uncertain market.

Read more: Solana vs. Ethereum: An Ultimate Comparison

On a macro level, Solana’s momentum is supported by bullish technical indicators. The Relative Strength Index (RSI) is one such indicator that has been showing signs of macro bullish momentum.

Although the RSI is currently below the neutral line at 50.0, it has the potential to break above this level, entering the bullish zone. This shift would provide further validation for SOL’s upward movement and help it break out of its current pattern.

The combination of institutional support and improving technical indicators positions Solana for a potential breakout. If the RSI breaches the 50.0 level and turns bullish, it would reinforce the likelihood of SOL gaining upward momentum, possibly triggering a significant rally.

SOL Price Prediction: Aiming High

At the time of writing, Solana is trading at $140, holding above the key support level of $139. The cryptocurrency is currently moving within an ascending triangle pattern, which typically precedes a breakout. If Solana successfully breaks out of this formation, it could see a 33% rise, pushing the price to $216.

For this breakout to occur, Solana would first need to breach the $161 resistance level. Given the recent institutional inflows and bullish macro indicators, this is possible. A successful breakout would set the stage for further gains.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

The rally would be confirmed once Solana flips the $184 resistance level into support. However, if SOL fails to break out of the ascending triangle, the price could retrace back to $139. Losing this support would invalidate the pattern and cast doubt on the bullish outlook.