FET Crashes to New Lows: Is the Worst Yet to Come?

FET Crashes to New Lows

The Artificial Superintelligence Alliance (FET) has joined the growing list of altcoins that have slipped below their 2024 lows. The overall market sentiment has become increasingly bearish, with daily liquidations reaching hundreds of millions of dollars over the past two weeks.

Meanwhile, Bitcoin (BTC) remains under selling pressure after breaking below the $92,000 range low, and the market shows no signs of immediate recovery. For FET investors, this prolonged downturn suggests that caution is warranted. With the token hitting fresh lows week after week, a rebound seems unlikely in the near term.

Technical Analysis: Where Could FET Find Support?

The daily timeframe indicates a strong bearish trend. The Directional Movement Index (DMI) shows that both the ADX (yellow) and the -DI (red) are above 20, confirming the sustained downward momentum. Additionally, the Choppiness Index stands at 39.92, signaling that the market is currently trending rather than consolidating—and unfortunately, the trend is bearish.

Further supporting this outlook, the On-Balance Volume (OBV) has been declining since mid-December, reflecting persistent selling pressure. Unlike a consolidation phase where buyers accumulate assets, this downtrend lacks significant demand, suggesting that sellers remain firmly in control.

On the 4-hour chart, the $0.60 support level—which held throughout February—was repeatedly tested before finally breaking in early March. Fibonacci extension levels indicate that the 23.6% retracement level at $0.482 failed to provide significant support, reinforcing the bearish momentum.

Given these conditions, FET could retest the $0.48-$0.52 range as resistance before continuing its descent. The next key support levels to watch are:

• $0.35-$0.37, which may provide temporary relief
• $0.295, aligning with the 61.8% Fibonacci extension, as a potential major support zone

What to Expect Next?

Traders should anticipate a short-term bounce toward the $0.50-$0.52 region, followed by a potential drop to $0.37 or $0.42. If the downtrend persists, FET could extend its losses toward $0.295.

With market sentiment remaining weak, investors may find it prudent to wait for clearer signs of accumulation before considering long positions. Until then, the risk of further downside remains significant.