Date: Sat, Oct 26, 2024, 10:20 AM GMT
In the past 24 hours, the cryptocurrency market has witnessed a sharp downturn. This decline was fueled by widespread misinformation about a U.S. government investigation into Tether (USDT) reported by the Wall Street Journal, as well as rising geopolitical tensions.
Among the hardest hit were AI-related tokens like Artificial Superintelligence Alliance (FET), Render (RENDER), and NEAR Protocol (NEAR). Each of these tokens suffered more than a 6% drop over the last 24 hours, while their weekly declines have crossed double digits, with losses exceeding 10%.
These significant declines have led to questions about whether these tokens have the potential for recovery. Currently, each token is trading near crucial support zones, with technical indicators hinting at oversold conditions that could provide a base for a rebound.
Let’s dive into each token’s technical outlook in sequence.
Artificial Superintelligence Alliance (FET)
FET is trading near $1.24, close to its marked support zone “S.” This support at approximately $1.10 is a critical level to sustain positive momentum and prevent further downside. If FET remains above this level, there’s a good chance of a rebound toward the resistance zone around $1.46.
The RSI for FET is around 31.97, also indicating that it’s in oversold territory. Oversold conditions can often result in a price bounce if buying interest picks up. If the current support holds, FET may aim to reach the resistance level of $1.46 or higher in the short term.
Render (RENDER)
Currently trading at $4.69, RENDER hovers just above a key support level near $4.50. This support zone is crucial to prevent a bearish breakdown. The resistance level, labeled “R,” is situated around $6.91, and a potential rebound could see the token targeting this level.
RENDER’s RSI is around 32.09, suggesting that the token is also in oversold territory, similar to FET. This level often implies undervaluation, which could attract short-term buyers looking for a potential rebound. If RENDER holds support at $4.50, a move towards $7.00 is possible.
NEAR Protocol (NEAR)
NEAR Protocol (NEAR) is trading around $4.24 and nearing a critical support level around $4.16. Historically, this level has provided strong support, making it a crucial point for NEAR’s price stability. If NEAR can hold this support, there is potential for a rebound towards the resistance at $5.0, which would be an important milestone for any sustained recovery.
NEAR’s RSI stands at 33.27, also indicating oversold conditions. Typically, an RSI below 30 suggests that the asset is undervalued, which could lead to a short-term bounce as buyers see value at these levels. If NEAR manages to hold above $4.16, it might have the strength to target the $5.0 resistance.
Is a Recovery Expected?
While all three tokens have experienced double-digit declines, they are also making a upside move from key support levels with RSI indicators suggesting oversold conditions. These technical setups may present an opportunity for a short-term recovery if support levels are respected.
Conclusion
While Fetch.AI (FET), Render (RENDER), and NEAR Protocol (NEAR) have experienced recent double-digit declines, they are showing signs of stability near key support levels.
Additionally, Bitcoin (BTC) has rebounded, climbing above $67,000 today after briefly dipping to a 24-hour low of $65,600. This upward momentum in BTC could have a positive spillover effect, helping FET, RENDER, and NEAR to bounce higher from their support zones. If Bitcoin’s rally continues, it may provide the broader market sentiment needed for these AI-related tokens to stage an upside move in the coming days.
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