Fetch.ai (FET) Price Prediction 2023 – 2025: Can the Rally Continue?

The Artificial Superintelligence Alliance [FET] recently announced plans to launch an Earn-and-Burn mechanism in December, which will involve burning

Artificial Superintelligence Alliance (FET) recently announced plans to launch an Earn-and-Burn mechanism in December, which will involve burning up to 100 million tokens to reduce supply and potentially boost price. Following this news, FET saw a 9.19% jump, trading at $1.62 at press time. But can this rally continue, and what does the technical outlook suggest for FET's future?

FET broke free from a descending channel, a move that typically signals a change in market momentum. This breakout is promising, suggesting that the token may be entering a more bullish phase.

Currently, FET is testing a key resistance at $1.67. If the token can break through this level, a push towards $2.56 becomes a realistic target. With the RSI at 60.45, FET is not yet in overbought territory, which leaves room for further price movement.

The MVRV ratio for FET is at -86.12%, signaling that many holders are at a loss. While this might seem concerning, it can also point to an undervalued asset, potentially setting the stage for a price rebound. Therefore, the current negative MVRV ratio could represent an opportunity for long-term investors looking for a price recovery.

The on-chain metrics provide a generally bullish picture. Net Network Growth has decreased slightly by 1.97%, but this is not a major concern given the overall market sentiment. More importantly, other key signals are strongly bullish: Into the Money stands at 13.36%, meaning a large portion of FET holders are in profit.

Additionally, large Transactions have risen by 7.44%, indicating growing institutional interest. Moreover, Concentration is at 0.10%, signaling that investors are accumulating tokens. These factors collectively suggest strong support for FET's price momentum.

Market sentiment is increasingly bullish. The open interest has surged by 10.38%, reaching $156.26M, a clear indicator that traders expect further price gains. This uptick in open interest suggests that the market anticipates more upside for FET, especially with the upcoming token burn.