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.

The crypto market is bracing itself for significant price movements as Cardano (ADA), Polygon (POL), and Rexas Finance (RXS) prepare for potential surges. Cardano, showing promising signals, could be gearing up for a massive breakout. Polygon is witnessing network growth post-upgrade, and Rexas Finance is revolutionizing real-world asset tokenization, with expectations of a monumental price jump.

Cardano (ADA) eyes a $5 surge

Cardano’s technical indicators point towards a potential rally similar to its previous explosive rise. Between December 2020 and May 2021, ADA surged over 1,000%, from $0.15 to $1.77. A similar setup, with the 50-day Exponential Moving Average (EMA) crossing the 100-day EMA, signals that ADA might be poised for a similar breakout. If history repeats itself, Cardano could climb to $5, representing a substantial opportunity for investors.

Could Polygon (POL) double in value?

Polygon has recently undergone a transformation, rebranding from MATIC to POL, with all tokens smoothly converting in a 1:1 ratio. This transition has led to Polygon leading network growth, boasting a 1,019% rise in new addresses. With a transaction count of 2.61 million and a 24-hour trading volume of $80 million, Polygon looks set for continued growth. As its ecosystem expands, POL is expected to double in value, cementing its position in the crypto market.

Rexas Finance revolutionizes real-world asset tokenization

Rexas Finance (RXS) is taking the concept of tokenization to new heights by offering a platform where investors can tokenize real-world assets (RWA), including real estate, gold, and other commodities. RXS enables users to buy fractions of these assets, making markets like real estate, historically reserved for the wealthy, accessible to all. Imagine an individual in Asia owning a percentage of a European restaurant, earning passive income from the investment without ever stepping foot in Europe. This ground-breaking approach unlocks new possibilities for investors worldwide.

Real-world asset tokenization

The global real estate market is valued at trillions of dollars, and Rexas Finance is bridging the gap between this traditional market and blockchain technology. By tokenizing real estate, RXS allows individuals to purchase fractional ownership of properties, democratizing real estate investments.

Additionally, Rexas Finance extends tokenization beyond real estate, offering access to gold and other valuable commodities. With a global commodities market valued at over $121 trillion, RXS opens up enormous investment opportunities.

Rexas Token Builder and Launchpad

Rexas Finance provides tools to simplify the tokenization process. The Rexas Token Builder allows users to create digital tokens representing a share of any real-world asset. This process enhances liquidity and makes it easier for investors to enter markets that were once difficult to access.

The Rexas Launchpad also offers a platform for new projects to raise funds through token sales, further fostering innovation within the crypto market.

Rexas Finance presale success

Rexas Finance has seen tremendous success in its presale stages. Stage 1 sold out quickly, raising $450,000, and Stage 2 followed suit, with the total raised reaching $1,250,000.

Now in Stage 3, priced at $0.05 per token, RXS has raised over $1,771,702. Investors purchasing at this stage could see a 4x return upon launch, positioning Rexas Finance as a standout opportunity in the crypto market.

Rexas Finance $1 Million Giveaway

Rexas Finance is currently hosting a $1,000,000 giveaway, where 20 winners will each receive $50,000 USDT. To participate, users must submit their ERC20 wallet address and complete various quests to maximize their chances. For each friend referred, participants earn 15 additional entries, increasing their odds of winning. This giveaway not only highlights Rexas Finance’s commitment to its community but also adds an exciting incentive for investors.

Conclusion

As the crypto market prepares for another wave of growth, Cardano, Polygon, and Rexas Finance stand out as projects with immense potential. Cardano could see a price surge to $5, Polygon could be set to double in value, and Rexas Finance, with its innovative tokenization platform, looks to be on the path to disrupting the market. With RXS poised to leap from under $0.12 to $12, investors are eagerly anticipating what’s next for this game-changing project.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance