Date: Mon, Jan 13, 2025, 05:55 AM GMT
The cryptocurrency market has started 2025 on a bearish note, with Bitcoin (BTC) dropping from $102K to $91K before stabilizing at near $94K. BTC dominance has risen to 58.32%, exerting significant bearish pressure on altcoins. AI-focused tokens like Render (RENDER) and Bittensor (TAO) have also suffered, with both experiencing an average 27% correction over the last month.
Despite the downturn, both tokens are now trading at critical support levels, suggesting the potential for a rebound.
Render (RENDER)
RENDER is currently retesting a breakout zone from a previously broken descending triangle on the daily chart. The token has retraced from $9 to the critical support range of $6.56–$7.25, with its current price sitting at $6.81.
A successful rebound from this zone could push RENDER back toward its recent high of $9, while a breakdown below $6.56 may open the door for further declines.
Technical Indicators:
- The MACD indicator shows signs of stabilization, with the momentum histogram hinting at a potential bullish crossover.
- Key support: $6.56–$7.25
- Key resistance: $9.0
Bittensor (TAO)
TAO has also corrected significantly, falling from its $748 high and retracing to the $400–$450 support range. It is currently trading near $411.
If TAO holds this support, it could rebound toward its recent high of $590. However, a break below $400 could trigger a deeper decline, potentially to $359.
Technical Indicators:
- The MACD shows declining bearish momentum, suggesting the possibility of a reversal.
- Key support: $400–$450
- Key resistance: $590
What’s Next?
Both RENDER and TAO face crucial moments at their respective support levels. A recovery hinges on maintaining these zones while Bitcoin stabilizes between $91K–$94K.
BTC Dominance Update:
BTC dominance, now at 58.31%, is testing a resistance zone within a falling wedge pattern. A rejection from this level, as seen previously, could lead to a recovery for altcoins, including RENDER and TAO.
However, if BTC dominance breaks out from this wedge, altcoins like RENDER and TAO are likely to face further declines.
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