Tech

Fei USD (FEI) Price Prediction: Is $1 Possible Or A Further Decline Ahead?

02/12/2023
Bitcoin Ethereum News

Join Our Telegram channel to stay up to date on breaking news coverage

Fei USD price fluctuates today as the general crypto market records a pullback. The global crypto market capitalization is now $971 billion, a 3.76% decrease in 24 hours. FEI is also trading at $0.9837, a reduction from yesterday’s close of $0.9811. 

Fei protocol is a decentralized finance (DeFi) algorithmic stablecoin. It aims to strike a balance between decentralized and centralized stablecoins. It utilizes a stability mechanism known as Protocol Controlled Value (PCV) to maintain its peg to the USD. 

The Fei protocol is powered by two crypto assets, FEI stablecoin and TRIBE governance token. FEI is an ERC-20 stablecoin and the native token of the protocol.

Past Events That Helped Fei USD Stablecoin Rally

Fei Protocol has made some remarkable strides since its inception. Here are some events that helped its popularity soar among crypto users.

Fei USD Protocol’s Audit Contest Increased Awareness Among Users

The network held an audit contest in September 2022 that attracted attention from contestants around the globe. The focus was on 1:1 DAI wrapping of FEI and other events that affected its users.

FEI Price Prediction

Fei USD (FEI) Price Prediction: Is $1 Possible Or A Further Decline Ahead?
Source: Tradingview.com

FEI is slightly down in the market from yesterday’s price, trading at $0.9898. It is trading in a sideways trend showing that the bulls and bears are evenly matched. Despite the pullback, it is still trading above its 50-day Simple Moving Average and 200-day SMA. This indicates that the price will likely break out on the upside of the sideways trend.

The Relative Strength Index (RSI) is at 54.94, in the neutral zone, meaning that the asset price can go in either direction. The Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish sign.

FEI started the month of February bullish, closing at $0.9973 on February 1. However, the asset’s price has fluctuated but has remained within the $0.9 range. The resistance and support levels have influenced the asset’s price recently.

FEI/USD Resistance And Support Levels

Fei USD (FEI) Price Prediction: Is $1 Possible Or A Further Decline Ahead?
Source: Tradingview.com

FEI has spent most of 2023 trading above the $0.97739 support level despite falling below it in the past. However, the resistance of $1.00160 (R1) and $1.06295 have proven too strong for the asset based on past price data.

FEI tested the R1 level for several days between November 20, 2022, and December 1, 2022. However, it could not close above this level as the bears pushed down the price forming long wicks.

Also, it tested the R2 level on December 14, 2022, and January 4, 2023, but could not hold onto the price gains for the day. The asset is approaching the $1.00160 level again and will surpass it if the bulls sustain the rally. FEI has posted two consecutive green days and will likely exceed the $1 level in the coming days. Expect the bears to force the price down for a slight retracement after the increase.

These Altcoins Are Worth Investing In 2023

While Fei USD can serve as a good store of value as a stablecoin, there are other altcoins offering presales you can invest in.

MEMAG Presale

MEMAG, the native token of the Meta Masters Guild gaming platform, is in the sixth stage of its current presale. The tokens are worth $0.021 each at the moment. The presale has realized over $3.8 million and is just two days away from stage 7. MEMAG has its supply capped at a maximum of 1 billion tokens, with the presale allotted 35% of this figure.

Meta Masters Guild is hosting a giveaway where MEMAG tokens worth $100,000; will be given to a lucky person. At the next stage of the presale, the token’s price will increase; you can buy MEMAG to profit from its explosive growth.

Robot Era (TARO)

RobotEra is an innovative metaverse-based game that seeks to alter and upgrade human interactions with technology. It is a robot-themed gaming model that will offer users a play-to-earn platform with an attractive Interface.

Players can create their worlds in this virtual reality game, interact, earn money, and collect valuable resources from Metaverse lands. TARO is the token that drives the RobotEra empire and is currently on presale. The First stage of the presale recorded $850,000. 1 TARO is worth $ 0.02 and can be purchased directly with USDT or ETH from a crypto wallet.

The platform offers users tools to design robots and structures that can trade as NFTs in the RobotEra marketplace. Users can develop their own NFTs as they rebuild the shattered planet TARO. Robots, lands, robot buddies, and other items are the main NFTs. Also, other NFTs can help layers to survive the competitive atmosphere of RobotEra. JacobCryptoBury gives a detailed guide on the best play-to-earn coins on his YouTube channel.

Fight Out (FGHT) – Newest Move to Earn Project

FightOut token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses

FightOut token


Join Our Telegram channel to stay up to date on breaking news coverage

Source: https://insidebitcoins.com/news/fei-usd-fei-price-prediction-is-1-possible-or-a-further-decline-ahead