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This Is How (FET) Price Could Fall Below $2  

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This Is How (FET) Price Could Fall Below $2's price could lose support at $2.24, causing the altcoin to slide to $1.95. The network has observed the lowest rate of new address formation in over seven months. The MVRV ratio is in the danger zone, which suggests profit-taking could cause a decline.

For the past month and a half,’s (FET) price has been affected by mixed market and investor signals.

Investors now seem to be losing confidence in the asset and are likely to move away from altcoins. Is Not Fetching Investors Any Gains’s price could see bearish momentum build as its investors are making bearish moves at the moment. The first sign of this is visible in the asset’s network growth, which refers to the formation of new addresses on the network.

This is essential in ascertaining whether the project is gaining or losing traction in the market. In the case of FET,  network growth has dropped to a seven-month low, suggesting that investors do not see much incentive to transact on the network. Network Growth. Source: Santiment

Furthermore, the Market Value to Realized Value (MVRV) ratio also supports a bearish outcome. The MVRV ratio assesses investor profit or loss.’s 30-day MVRV sits at 12%, signaling profit, potentially prompting selling. 

Read More: How Will Artificial Intelligence (AI) Transform Crypto? MVRV Ratio. Source: Santiment

Historically, FET corrections occur within the 7% to 30% MVRV range, which is labeled a risk zone. Thus,’s price could draw a drawdown if investors opt to book profits.

FET Price Prediction: Key Support Close to Invalidation’s price, $2.24, is hovering just above support at $2.22. This price point has also been tested as resistance in the past, and sustaining a move above it is key to ensuring a breach of $2.49.

This price level has been breached a few times in the past two months, but the price has been unsuccessful in closing above it. Given the aforementioned factors, FET could dip to lows of $1.95.

Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024 Price Analysis. Source: TradingView

But if the altcoin does manage to bounce back and flip the resistance of $2.49, it could head towards $2.85. This would also invalidate the bearish thesis’s price is witnessing.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.