has seen a sharp decline of over 20% in less than 48 hours. This sudden price drop left investors curious to understand the implications and FET’s next possible moves. Before this sudden drop, however, FET had been on an impressive rally on the charts.
It had surged by approximately 73% since retesting its all-time low. However, its latest price action has erased a significant portion of these gains. Needless to say, this sudden reversal raises questions about market sentiment and underlying fundamentals.FET was valued at $1.50, following a 7.30% drop in the last 24 hours. Its market capitalization declined by 18.27% over the same period too.
Interestingly, development activity metrics for FET have remained relatively stable throughout these price fluctuations. This suggests ongoing work on the project’s core technology, potentially providing a silver lining for long-term holders.Additionally, the Liquidation Heatmap data from Hyblock pointed to a bearish bias over the last 12 hours. It also suggested that the short term bias is not over yet and that FET’s price may dip in the short run, before another long-term rally.
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