Date: Mon, Dec 23, 2024, 02:19 PM GMT
The cryptocurrency market has experienced sharp corrections over the past week, with Bitcoin (BTC) dropping significantly since December 17, reaching a low of $92,000 and today it is trading near $94,000.
Following Bitcoin’s correction, prominent AI-focused tokens like Render (RENDER) and Bittensor (TAO) have also faced steep declines over the last seven days. RENDER has dropped by almost 21%, while TAO has fallen by over 17%.
However, both tokens are now holding at critical support levels, offering a glimmer of hope for a potential recovery.
Render (RENDER):
Render is currently retesting the breakout zone of its previously broken descending triangle pattern on the daily timeframe. This pattern had propelled RENDER to a recent high of $13.83. Amid the ongoing correction, RENDER has retraced back to an important support zone between $7.23 and $7.54. At the time of writing, it is trading slightly below at $7.05.
If RENDER successfully rebounds from this support, it could resume its upward trajectory, aiming to retest its resistance at the recent high of $13.83. However, a sustained break below the support zone might signal further downside risks.
Bittensor (TAO):
Bittensor (TAO) has also seen a notable pullback from its ascending trendline, falling from a high of $748 to its critical support zone around $424. Despite the correction, TAO has shown resilience, currently trading above this level at $448.
The token remains in consolidation, sitting just below an ascending trendline. If TAO can maintain support and gain upward momentum, it could approach the ascending trendline again, potentially marking the start of a bullish move. A rebound from the current level could see TAO regain strength and aim for higher levels in the weeks to come.
Is a Bounceback Ahead?
Both RENDER and TAO are positioned at pivotal support levels, with their current technical setups hinting at a potential rebound. For RENDER, maintaining the $7.23–$7.54 range is key to a recovery toward $13.83, while TAO’s ability to hold above $424 could signal a bullish reversal.
The broader cryptocurrency market, particularly Bitcoin’s dominance, will be a crucial factor influencing the trajectories of these AI tokens. With Bitcoin’s dominance currently at 58.57%, any significant movement in Bitcoin’s price could either bolster or weaken the recovery efforts for RENDER and TAO.
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