FET Rallies 40%, Breaking Nine-Month Lull With New Bullish Momentum

FET surges 40% post-breakout, mirroring its 2023 rally. The earn-and-burn mechanism aims to cut the token supply by 100M. $1.77 is a key resistance level for sustained bullish momentum. Fetch.AI’s FET token has posted 40% weekly gains , breaking out of its nine-month consolidation phase; a bullish momentum similar to its 2023 rally. Fetch.AI’s upcoming deflationary “Earn-and-Burn” initiative is also contributing to the positive sentiment, which has added further confidence to its long-term prospects. After consolidating within a tight range for months, FET broke out mirroring the 2023 price action, where it rallied for six months after a similar technical breakout. The ongoing rally now hinges on whether bulls can flip $1.77—previously a resistance point in March 2024—into solid support. “Earn-and-Burn” Fuels the Rally Adding fuel to the bullish sentiment, Fetch.AI recently announced its “Earn-and-Burn” mechanism, a deflationary strategy to reduce the token supply by burning a portion of the fees generated through Artificial Superintelligence (ASI) services. Set to begin in December, the program will reduce FET’s total supply, which s… The post FET Rallies 40%, Breaking Nine-Month Lull With New Bullish Momentum appeared first on Coin Edition .