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…
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