DeepSeek AI pressures FET as it nears THIS key demand zone
The post DeepSeek AI pressures FET as it nears THIS key demand zone appeared on BitcoinEthereumNews.com.
FET dipped by over 20% in the past week and tested a critical demand zone around $1. The altcoin MVRV ratio signaled undervaluation, while rising active addresses may indicate potential accumulation. Artificial Superintelligence Alliance [FET] prices have struggled recently, dipping 20% in the last seven days alone. The dip came after the retest of a key pennant resistance level on the daily chart, which triggered increased bearishness. With the general struggles in cryptocurrency markets, FET’s movements have raised several questions about its potential rebound or further decline. What is the ripple effect of DeepSeek AI on FET? The ripple effect of DeepSeek AI significantly contributes to the recent market downturn, influencing sentiment across crypto and stock markets. As DeepSeek AI continues to rise, there is a genuine fear of competition between traditional and decentralized AI networks. The bearish trend heavily impacts projects like FET, contributing to their downtrend trajectory. Is FET undervalued? Santiment’s on-chain metrics provide valuable insights into FET’s current state. The altcoin MVRV ratio is -6.744%, signaling potential undervaluation. Historically, MVRV ratios below 1 often precede potential price rebounds. This indicates decreasing selling pressure for FET as it approaches a key demand zone at $1. It could pave the way for the altcoin accumulation phase. Source: Santiment Moreover, FET’s daily on-chain transaction volume in profit has dropped to 976K, the lowest in recent times. This could suggest that traders are not selling their coins at unrealized losses—a sign of bearish market conditions. Conversely, active addresses spiked, which could hint at renewed interest and probable accumulation. Source: Santiment A rebound or breakdown at the $1 critical demand zone? FET is currently testing the key demand zone around $1, which might indicate the next price movement. With bearish sentiment driven by DeepSeek AI’s impact, the token might be pushed further…
Filed under: News - @ January 29, 2025 9:27 am