FET price has been underperforming compared to its closest competitors over the past week, down more than 8%. Despite being the second-largest AI cryptocurrency by market cap, it has struggled to keep pace with other major players in the sector.
While its competitors have seen impressive gains, FET has lagged behind, raising concerns about its ability to maintain its position. This recent underperformance puts its standing in the market at risk, especially as other AI coins continue to show strong momentum.
Is FET Lagging Behind Other AI Coins?
FET is currently the second-largest Artificial Intelligence coin by market cap, trailing behind TAO. It also ranks second in weekly trading volume, just behind WLD. However, in terms of performance, FET has fallen behind its competitors over the past week, with its price down by 8.16%.
This is significantly lower compared to the impressive gains seen by its peers, such as RNDR, with a 39.14% increase, and WLD, with 17.5%.
These recent figures suggest that FET could be losing momentum in the AI cryptocurrency race, putting its status as the second-largest AI coin at risk.
If RNDR continues to rise by just 15% more and FET remains stable, their market caps would be equal, potentially leading to a shift in the rankings.
FET Whales Decreased In The Past Week
The number of addresses holding between 1,000,000 and 10,000,000 FET currently stands at 149, down from 153 on November 3. From that day until November 9, this figure declined consistently, bottoming out at 147.
Tracking the activity of these whale addresses is crucial, as they often significantly influence price movements.
While the number of FET whales has recovered slightly from 147 to 149 over the last five days, it remains below the level seen in early November. This indicates that large holders might still be cautious, and the full confidence seen previously hasn’t yet returned.
Although there has been a modest recovery, the reduced whale activity may suggest lingering uncertainty or hesitation, which could affect FET’s price stability and future performance in the short term.
FET Price Prediction: A Possible 16% Correction
The chart for FET price is showing signs of caution, with its EMA lines suggesting potential bearish pressure. The short-term EMA has dropped significantly over the past few days and is close to crossing below the long-term EMA.
If this happens, it will form a “death cross,” a bearish signal indicating a possible shift toward a downtrend.
If the death cross occurs, FET could test its nearest support at $1.18. If this level fails, the price could drop to $1.08, representing a potential 16% correction.
However, if momentum shifts positively, FET price may challenge resistances at $1.45 and $1.53. Breaking these levels could see it rise to $1.64, offering a potential 35% price increase.
Disclaimer
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