Artificial Superintelligence Alliance (FET) has recently experienced a sharp 34% price decline, marking its largest drop in months. This crash validated a three-month-old pattern, which predicted such a correction.

While investors are suffering historic losses, whales seem to be capitalizing on the lower prices, indicating potential confidence in a future recovery.

Artificial Superintelligence Alliance Investors Are Spooked

Realized losses for FET holders have reached their highest levels in the altcoin’s history. This is a result of many investors selling off their holdings earlier this week to prevent further losses. As a result, the general market sentiment remains highly bearish.

Many retail investors are hesitant to make moves, reflecting the pessimistic outlook within the market.

This sell-off has led to heightened caution among the investor base, with traders refraining from significant action in the face of market volatility. The fear of additional losses is currently overpowering the desire to accumulate, causing many to stay on the sidelines.

Despite the widespread losses, whale activity has been notably bullish. Addresses holding between 1 million and 100 million FET have added approximately 92 million FET to their holdings over the past week, valued at $70.8 million. This accumulation at lower price levels signals that whales are positioning themselves for a potential recovery, showing confidence in FET’s long-term potential.

This whale accumulation is a key sign of optimism despite the current market downturn. Whales are often viewed as the more experienced market participants, and their ability to buy during periods of significant price decline may indicate their belief in an eventual recovery. 

FET Price Prediction: Bouncing Off The Support

FET’s price broke through the key support level of $1.19, falling to $0.77 at the time of writing. This decline confirms the validity of the head and shoulder pattern, which predicted a 43.6% drop to $0.73. The market seems to be experiencing a sharp correction, as expected, leading to this significant pullback.

Currently, FET is holding above the support of $0.76, suggesting it may have reached its market bottom. If this support is sufficient, the altcoin will have a chance to recover its recent losses. However, for a successful recovery, FET must flip $1.04 into support, signaling the end of the correction phase.

On the other hand, if FET loses the $0.76 support level, it could fall further. The next potential target is $0.73, and a drop below this level could see the price approaching $0.64, which would invalidate the bullish outlook and lead to further losses.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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OM has experienced an impressive 70% rise in the past ten days, breaking out of a two-month-long consolidation phase. The altcoin recently posted a new all-time high (ATH) at $6.29, reflecting strong bullish momentum. 

However, some signs suggest that the continued rise might face challenges in the near future.

MANTRA Holders Are Booking Profits

The recent surge in OM’s price has been met with increased activity from long-term holders (LTHs). The “Age Consumed” metric has spiked, indicating that long-term holders are starting to sell their positions.

LTHs are often seen as an asset’s backbone, and selling them can signal a shift in market sentiment. As these investors book profits, it suggests that the rally may take a breather and that the price might face some resistance in the short term.

The fact that LTHs are cashing out could indicate that the current price level is considered attractive enough for these holders to secure their gains. While this behavior is typical in a strong uptrend, it also suggests that the rally may not be sustainable without renewed buying pressure from new investors or retail traders.

OM’s adoption rate, which tracks the percentage of new addresses making their first transaction, is not seeing a significant spike. This lack of momentum could indicate that the altcoin isn’t gaining as much traction in the market compared to other coins. A higher adoption rate usually signifies growing interest and confidence in an asset. Without it, OM may face difficulty sustaining its current price levels.

The relatively flat adoption rate suggests that the rally could be driven more by speculative trading than by fundamental growth. For a sustained upward movement, the altcoin would need to attract more long-term interest from new users and investors. The absence of a significant adoption spike may pose a challenge to OM’s long-term bullish outlook.

OM Price Prediction: Continuing The ATH Rally

OM’s price has surged by 70% over the last ten days, reaching $5.98. It recently formed a new ATH at $6.29, confirming the strong upward momentum. The price action indicates that OM has broken out of its consolidation phase and could see further gains, but potential resistance looms.

While continued growth is possible, the aforementioned factors suggest that sustaining the recent price increase may prove difficult. However, maintaining $6.00 as a support floor could keep the ATH rally intact, potentially pushing OM toward $7.00. If the market sentiment remains positive, the altcoin could continue its upward trajectory.

On the flip side, a reversal in market sentiment could lead OM to lose key support levels. If the price falls below $6.00, it could test the support at $4.27, and further declines might bring the price down to $3.47, invalidating the bullish thesis and erasing the recent gains.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Bitcoin price started a fresh upward move above the $98,000 zone. BTC is trimming losses but might struggle to settle above the $103,000 zone.

• Bitcoin started a fresh upward move above the $100,000 level.
• The price is trading above $99,500 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $100,000 zone.

Bitcoin Price Reclaims $100,000

Bitcoin price started another decline below the $95,000 zone. BTC gained bearish momentum for a move below the $93,500 and $92,000 levels. It even dived below $91,000.

A low was formed at $90,944 and the price recently started a decent recovery wave. There was a move above the $95,500 level. The price cleared the 50% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low.

Moreover, there was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level or the 76.4% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low. The next key resistance could be $103,200.

A close above the $103,200 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $103,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.

The next support is now near the $98,000 zone. Any more losses might send the price toward the $96,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $100,500, followed by $100,000.

Major Resistance Levels – $102,000 and $103,200.

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