Artificial Superintelligence Alliance [FET] has experienced a significant drop of over 20% in the past week, reaching a critical demand zone around $1. This decline came after the retest of a key pennant resistance level on the daily chart, leading to increased bearish sentiment in the market.
The impact of DeepSeek AI on FET has played a significant role in the recent market downturn, influencing sentiment not only in the cryptocurrency space but also in traditional stock markets. The rise of DeepSeek AI has raised concerns about competition between traditional and decentralized AI networks, contributing to the bearish trend affecting projects like FET.
Despite the current market conditions, Santiment’s on-chain metrics suggest that FET may be undervalued. The altcoin MVRV ratio is currently at -6.744%, indicating potential undervaluation. Historically, MVRV ratios below 1 have often preceded price rebounds, suggesting that FET could be in a position for accumulation as it approaches the $1 demand zone.
On the other hand, FET’s daily on-chain transaction volume in profit has decreased to 976K, the lowest in recent times. This may indicate that traders are holding onto their coins instead of selling at unrealized losses, a sign of bearish market conditions. However, the spike in active addresses could signal renewed interest and potential accumulation in the future.
As FET tests the critical demand zone at $1, the next price movement remains uncertain. The bearish sentiment driven by DeepSeek AI’s impact could push the token lower, but the project’s decentralized AI narrative may counter this trend. If FET manages to hold the $1 level, it could initiate a recovery phase. Failure to defend this zone could lead to further declines, especially if broader market conditions remain bearish.
Overall, the growing number of active addresses and the potential undervaluation indicated by on-chain metrics suggest that FET may be poised for a price reversal. Traders will be closely watching to see if FET can maintain its position at the $1 demand zone and potentially start a recovery in the near future. The Benefits of Regular Exercise for Overall Health
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