- FET struggles to sustain gains as key resistance levels cap further upward movement.
- Momentum indicators show bearish bias, signaling possible retracement in coming weeks.
- Increased trading volume fails to confirm rally, pointing to likely price consolidation.
Following a volatile but overall positive trajectory in April, the FET token representing the Artificial Superintelligence Alliance is now entering May with signs of a possible correction. The asset, which saw a strong intraday rebound recently, appears to be struggling to maintain upward momentum in the face of shifting technical signals.
With heightened trading activity and a series of key support and resistance levels now clearly defined, the outlook for May points toward a cautious retracement rather than continued growth. Investors should prepare for a potentially sideways-to-lower move in the coming weeks.
Short-Term Trend Highlights Mixed Momentum
FET opened the day around $0.7136 and quickly gained ground, peaking near $0.775 before pulling back. The quick bounce from intraday lows below $0.69 signals strong buyer interest.
Besides, the breakout above the $0.725 resistance now acting as support adds strength to the short-term bullish argument. However, this intraday momentum may not be enough to sustain a longer-term rally.
The price as of press time sits near $0.7568, up over 5% intraday, but faces significant overhead resistance at $0.775 and again in the $0.790 to $0.800 range. Should bullish pressure weaken, the price may revisit the $0.725 or even $0.690 support zones.
Source: CoinMarketCap
Additionally, the volume has jumped 34.77% to $208.72 million in 24 hours, showing increased trader interest. Still, this doesn’t guarantee continued upside as technical indicators begin to lean bearish.
Indicators Signal a Cooling Phase Ahead
FET/USD monthly price chart, Source: TradingView
Despite the recent price spike, momentum indicators suggest a reversal could be underway. The MACD line remains below the signal line, with a negative histogram reading of -0.1347.
This shows downward momentum remains in place on the broader time frame. Similarly, the RSI stands at 46.87, signaling neutral to slightly bearish sentiment. It’s no longer in bullish territory and continues to trend lower.
Moreover, the projected price range for May reflects this cooling sentiment. Coincodex analysts expect the token to hover between $0.707 and $0.766, with an average near $0.737. This projection aligns with the current technical setup, hinting at consolidation or modest declines rather than a breakout.
