Date: Tue, March 04, 2025 | 04:18 AM GMT
The crypto market just took another hit, with Bitcoin (BTC) tumbling nearly 9% after U.S. President Donald Trump announced a 25% tariff on goods from Mexico and Canada.
The downturn has sent bearish momentum across altcoins, and two of the biggest losers are Filecoin (FIL) and Artificial Superintelligence Alliance (FET). FIL is down 14%, while FET has nosedived 20%, extending their monthly corrections to over 30%.
Filecoin (FIL)
Filecoin has been stuck in a descending triangle pattern for almost a year, struggling to gain bullish momentum. After hitting a peak of $8.38 in December, FIL faced a strong rejection at the upper trendline, triggering a prolonged correction.
Now, the price has dropped to a major support zone at $2.94—a level that has historically sparked strong rebounds. As of now, FIL is hovering just above this crucial level, suggesting a potential bounce.
A successful rebound from here could push FIL toward the 25-day Simple Moving Average (SMA), signaling a possible trend shift. However, for a full-fledged recovery, FIL must break above the triangle’s resistance. If that happens, it could pave the way for a stronger rally.
Artificial Superintelligence Alliance (FET)
FET has followed a similar trajectory, trading within a descending triangle since last year. The latest downtrend began on December 2, after a rejection near the $2.32 resistance level.
FET is now clinging to a key support zone at $0.58—a price point that has historically acted as a strong demand zone. If it manages to hold, a rebound could be on the horizon.
For a bullish recovery, FET needs to break above the 100-day SMA, which could trigger a reversal and push the price toward the upper resistance of the triangle. If the support fails, however, a deeper drop could be imminent.
What’s Next?
Both FIL and FET are at make-or-break levels, and their next moves depend heavily on broader market sentiment, particularly Ethereum (ETH) and Bitcoin’s performance. Technical indicators, such as the MACD, are still flashing bearish signals. However, a bullish crossover could confirm a reversal in the coming weeks.
As long as these tokens hold their critical support zones, there’s still hope for a rebound. But if they fail, we could be looking at even steeper declines ahead.
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