See More (FET) Analysis: Consolidation Ahead Amid Rising Bearishness

2 mins
Updated by Ryan James
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In Brief

  •'s price will likely resort to moving sideways over the coming days between $2.26 and $1.71.
  • Network Growth has plunged as the project is losing traction in the market due to a lack of new investors.
  • The strong ones might also move to sell since profits are soaring, but participation is declining.
  • promo (FET) price is reeling from the recent corrections that wiped out significant profits from the crypto market.

While recovery is on the cards, FET might stop short of regaining all the profits as it is destined for consolidation. Investors Sit Back’s price has witnessed considerable bearishness in the last few days, and this has naturally spooked investors. The overall decline in the market has also pushed many potential investors away.

This is visible in the decline in network growth. The indicator has plunged to a multi-month low following the corrections. Network growth is calculated by the formation and participation of new addresses on the network. Network Growth. Network Growth. Source: Santiment

A decline in the same is a hint of losing traction within the market, creating bearish conditions.

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Furthermore, some investors present on the network might not show resilience as the market is flashing a sell signal. Drawn from the price daily active addresses (DAA) divergence, this signal is flashed only when price and participation move in the opposite direction or both act bearish. Price DAA Divergence. Price DAA Divergence. Source: Santiment

The case with FET is that former conditions are being observed, which might potentially trigger selling among investors.

FET Price Prediction: Sideways Is the Way’s price, trading at $1.93, just below the $2.00 mark, will likely witness consolidation going forward due to the mixed signals from the market. The upcoming halving event suggests a rise in Bitcoin price is due, which would inevitably impact the altcoins, too. However, a lack of support from investors could create bearish conditions.

Consequently,’s price might end up moving sideways instead of sticking to either narrative. This consolidation will be within $2.26 and $1.71, which have proved to be solid resistance and support levels, respectively.

FET/USDT 1-day chart.
FET/USDT 1-day chart. Source: TradingView

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A breakout or breakdown from these limits could cause a bullish or bearish reaction, invalidating the current bearish-neutral thesis.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...