Artificial Superintelligence Alliance

bullish

Burn

Strong

<ul class="wp-block-list">
  
 <li>FET announces a new Earn-and-Burn mechanism, potentially reducing supply and boosting prices.</li>   
 <li>FET breaks out of a descending channel, testing resistance at $1.67 for further growth.</li>   
 <li>On-chain data and rising market sentiment suggest continued bullish momentum for FET's price.</li> 
</ul>   
<p><a href="https://cryptonewsland.com/coinbase-declines-support-for-7-5b-ai-token-merger-by-artificial-superintelligence-alliance-asi/">Artificial Superintelligence Alliance (FET)</a> recently announced a new Earn-and-Burn mechanism. In December, up to 100 million tokens will be burned to reduce supply and possibly drive up the price. After this news, FET jumped by 9.19%, reaching $1.62. The big question now is whether this rally will continue. What do the technical indicators suggest for FET’s future?</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/ASI_Community/status/1862003466840768732?t=GaL7jxkDolPjjB7moPc9xg&amp;s=19 
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</figure>   
<h2 class="wp-block-heading" id="h-breaking-out-of-a-downtrend">Breaking Out of a Downtrend</h2>   
<p>FET recently broke out of a descending channel, signaling a shift in <a href="https://cryptonewsland.com/crypto-market-scores-94-indicating-extreme-greed-as-experts-say-btc-finally-hit-price-top-unhindered-by-the-sec/">market momentum</a>. Breakouts like this often lead to a bullish phase. Currently, FET is testing a critical resistance at $1.67. If the token clears this level, $2.56 could be the next target. With the RSI at 60.45, FET has room to grow before reaching overbought territory, which means more upside is possible.</p>   
<p>The <a href="https://academy.santiment.net/metrics/mvrv/">MVRV ratio</a> is at -86.12%, showing that many holders are at a loss. While this might seem concerning, it could also mean FET is undervalued, setting up for a potential rebound. This could be an opportunity for long-term investors looking for a price recovery.</p>   
<h2 class="wp-block-heading" id="h-strong-on-chain-data-and-bullish-market-sentiment">Strong On-Chain Data and Bullish Market Sentiment</h2>   
<p><a href="https://glassnode.com/">On-chain metrics</a> are supporting the bullish outlook for FET. While Net Network Growth has dropped slightly by 1.97%, other indicators are strong. The "Into the Money" metric is at 13.36%, suggesting that a large portion of holders are in profit. Additionally, large transactions have risen by 7.44%, showing increasing institutional interest. </p>   
<p>With token concentration at just 0.10%, more investors are accumulating FET. The market sentiment also looks increasingly positive. Open interest has surged by 10.38%, now at $156.26M. This growth suggests traders are expecting more price increases, especially with the upcoming token burn.</p>   
<p>With a strong technical breakout, positive market sentiment, and bullish on-chain data, FET is well-positioned for further price growth. If the token breaks through the $1.67 resistance, a move toward $2.56 seems likely. The rally looks set to continue, but investors should watch for confirmation at key resistance levels.</p>    
<p>The post <a href="https://cryptonewsland.com/can-fets-burn-mechanism-boost-price/">Can FET’s New Burn Mechanism Trigger a Surge in Price?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Can FET’s New Burn Mechanism Trigger a Surge in Price?

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