The FEG Token price prediction is playing out exactly as predicted in our last article. The selling pressure has significantly increased as the price broke below its weekly support. The price tested the weekly support at the $0.00000000138-$0.00000000164 level multiple times before breaking it eventually. Therefore, the FEG coin appears to be in a bearish accumulation now, which may continue for months.
FEG token launched amid the memecoin mania of 2021. The coin became a massive hit and surged to the $0.00000004550 level within a few months. Although it generated insane returns for early investors, the late entrants got severely wrecked. The euphoria was short-lived, and the price couldn’t hold such high levels. The coin is now 98.4% down from its May 2021 all-time high, and the bears are gaining even more momentum.
Although the project started as a memecoin, the team started to develop a few DeFi products after its huge success. The project has added features like FEGEX, FEG Token Template, and FEG Radio in the last few months. However, many investors still find the project a very risky investment due to its little and questionable fundamentals. As per the latest FEG news, it is one of the 600 top cryptocurrencies with a market cap of $27 million.
FEG Token Price Prediction
Technical analysis of FEG crypto shows that the coin has finally broken below the wedge. The $0.00000000138-$0.000000001648 had acted as strong support as the price bounced off it quite a few times. However, the recent breakdown has given bears enough momentum to tank the price to $0.0000000055 level. If this level doesn’t hold, then the next stop could be $0.00000000022 price level. Therefore, the bulls need to step up and bring their A-game as the Gorillas are starving.
Due to intense fear in the markets, any bullish FEG token price prediction seems quite unlikely at the moment. Therefore, the ongoing bearish outlook may only flip to bullish if the coin regains the $0.00000000440 level. However, this seems to be quite unlikely in current market conditions. Therefore, the bearish price action might continue until the Bitcoin price shows some signs of a reversal.