The price of Artificial Superintelligence Alliance USD (FET) has been under pressure today, primarily due to broader market dynamics affecting cryptocurrencies. Strong U.S. economic data has led to a significant sell-off in the crypto market, with nearly $300 million in long positions liquidated across derivatives markets. This has resulted in a ripple effect, impacting altcoins like FET, which are experiencing heightened selling pressure. The data has also dampened expectations for rate cuts in 2025, further contributing to the bearish sentiment in the crypto space.
Additionally, FET is facing technical challenges, as highlighted by recent analyses. The cryptocurrency is showing signs of a bearish head and shoulders pattern, which could signal further declines if the price drops below key support levels. The divergence between FET's price and its declining network activity is also raising concerns among investors, suggesting that the recent gains may not be sustainable. This pattern of self-correction is common when prices exceed the natural growth rate of the network, indicating a potential adjustment in the near term.
FET's price has fallen by 7.75% today, reaching a low of $1.450633.