The price of Artificial Superintelligence Alliance USD (FET) has been under significant pressure today, driven by a combination of market dynamics and broader economic concerns. The ongoing sell-off in AI-related cryptocurrencies has been exacerbated by mixed signals from FET whales, with mid-sized holders selling while larger whales accumulate. This activity has created uncertainty about whether a bottom is forming, as the market grapples with strong downside pressure. The Average Directional Index (ADX) for FET has surged, indicating intensifying bearish momentum, which has contributed to the cryptocurrency's decline.
Additionally, the broader cryptocurrency market has been rattled by geopolitical tensions, particularly the imposition of fresh tariffs between the US and China. This has led to a cautious market sentiment, impacting not only major cryptocurrencies like Bitcoin and Ethereum but also AI-focused tokens such as FET. The announcement of Samantha Power's appointment as head of USAID has further added to the uncertainty, as investors weigh the potential implications on global economic stability and AI development projects.
FET's price has dropped by 7.71% today, currently trading at $0.796515. The cryptocurrency reached a high of $0.864684 and a low of $0.764473 during the day.