Despite the recent drop, FET’s technical setup suggests a possible recovery.
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Key Takeaways
FET became oversold and has bounced off the support at $0.97 on the daily chart
If bulls hold the support, the altcoin’s price could climb toward its December peak.
However, analysis of the 4-hour timeframe presents a bearish outlook for FET.
The Artificial Superintelligence Alliance (FET) price dropped to $0.97 on Tuesday, Jan. 28, marking its lowest point since September 2024. However, earlier today, the token reclaimed the $1 mark.
This rebound has rekindled hopes that FET could again continue to hit higher values as it did in December. For that to happen, demand for the token has to be significantly higher than it is currently.
Will this become a reality? Let’s find out in this analysis.
The FET price is currently at $1.02, a mild 4% increase after dropping to a five-month low two days ago.
The daily chart shows that the initial drop to $0.97 has supported the cryptocurrency. Interestingly, the Relative Strength Index (RSI) also supports this technical setup.
As seen in the image below, the RSI on the FET/USD daily chart dropped to 30.00, and the price dropped to $0.97. The RSI measures momentum by examining the speed and size of price changes.
It also spots when an asset is overbought or oversold. When the reading is above 70.00, it is overbought. But since it dropped to 30.00 earlier, FET became oversold.
As of this writing, the RSI reading has turned upward. Alongside the recent price increase, this implies that FET might have strong support to keep the price trading higher.
When a similar thing happened in September, FET price action formed a similar setup; the price climbed to $1.72. Therefore, if history rhymes with the current outlook, then FET might continue climbing.
FET Price Forecast: Token Remains on the Edge
Despite the bullish signs flashed on the daily chart, the 4-hour timeframe presents a different outlook. The Supertrend indicator shows a red line above the FET price on the chart.
When the green line of the Supertrend is below the price, it indicates support and a possible price increase. On the flip side, if the red line of the indicator is above the price, it indicates resistance and a decline could be on the cards.
With the difference from the daily chart, the FET price might experience a drawdown, especially if buying pressure fails to intensify. If that is the case, the cryptocurrency’s value risks a decline to $0.95.
If selling pressure rises, the altcoin might continue to decline below this region. In that scenario, the token could fall to $0.75.
However, if demand for the token increases and FET holds support at $0.97, the rally could climb to $1.44.
If buying pressure increases, FET might jump to $1.72 and possibly move to $2.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
