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%.
Source: Coinmarketcap
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.
Filecoin (FIL) Weekly Chart/Coinsprobe (Source: Tradingview)
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 Weekly Chart/Coinsprobe (Source: Tradingview)
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.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.
