The post Bitgert 4 Trillion Token Burn Sparks Bullish Momentum appeared on BitcoinEthereumNews.com.

Bitgert’s token burn reduces supply, potentially increasing demand. Technical analysis suggests a 25% potential price surge amid a bullish pattern. Bitgert, the decentralized exchange platform operating on blockchain technology, recently executed a significant token burn event, slashing 4 trillion BRISE tokens from its total supply of 1000 trillion. This strategic move aims to boost scarcity and potentially drive up demand for BRISE in the crypto market. The event, which occurred on November 24th at 08:00 UTC, had high expectations of catalyzing a breakout in Bitgert’s price. Despite the anticipation, the immediate impact on the price was subtle, with a modest 0.03% increase. And a 2% uptick in trading volume. However, market observers are eyeing promising indicators for a bullish upswing. Technical analysis by lord_brise, a reputable crypto trader and influencer on Twitter, highlights an encouraging pattern. Bitgert is currently forming an ascending triangle—a bullish continuation formation suggesting a potential 25% surge in its price. Meanwhile, the ascending triangle, a chart pattern characterized by a rising lower trendline and a horizontal upper trendline, typically heralds an upward breakout. Lord_brise notes that as Bitgert trades within this pattern, the volume has been progressively increasing as the price nears the resistance line. It indicates mounting buying pressure among investors. BRISE Price Chart, Source: TradingView Moreover, should Bitgert breach the resistance line successfully, analysts predict a target price of $0.00000425. It will mark a significant 25% surge from its current valuation. Analysts are closely monitoring Bitgert’s market dynamics post-token burn, anticipating a positive impact on its scarcity dynamics and, potentially, amplifying its market value. This strategic reduction in circulating supply could serve as a potential catalyst for heightened interest. And demand the BRISE token. Source: https://thenewscrypto.com/bitgert-4-trillion-token-burn-sparks-bullish-momentum/

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Filed under: News - @ November 24, 2023 3:14 pm