Date: Thu, Nov 07, 2024, 04:54 PM GMT
Following Bitcoin’s recent surge to a new all-time high of $76,000, spurred by Donald Trump’s election victory and his pro-cryptocurrency stance, bullish momentum has swept across the crypto market.
This rally has boosted several altcoins, especially top AI tokens like Bittensor (TAO), Artificial Superintelligence Alliance (FET), and Render (RENDER), which have recorded impressive gains over the past 24 hours.
Let’s analyze the technical outlook to see if more upside potential lies ahead for these AI-driven tokens.
1.Bittensor (TAO)
TAO has shown strength after breaking above the $512 level, now trading around $522. This breakout is significant as it signals a potential continuation of the upward trend. The next major hurdle is at $682, a previous resistance level. A sustained move above this resistance could set the stage for further gains.
Outlook: If TAO can maintain its position above $512 and break through $682, it may be primed for a strong rally. Given the bullish sentiment in the broader market, a run toward higher levels appears likely.
2.Artificial Superintelligence Alliance (FET)
FET has bounced off support at $1.26 and is now consolidating around $1.43. It is approaching the first resistance level at $1.50, followed by a secondary resistance at $1.70. Breaking above $1.50 could encourage more buyers, paving the way toward $1.70.
Outlook: FET looks set for further gains if it can hold above $1.26 and breach the $1.50 resistance. A move above $1.50 could drive momentum toward $1.70, making these levels important for bullish traders to monitor.
3.Render (RENDER)
RENDER is holding above its breakout level of $5.06, currently trading around $5.11. The next key level to watch is $6.90, which represents significant overhead resistance. A move above this level could signal the continuation of a broader uptrend.
Outlook: If RENDER can hold above $5.06 and break past $6.90, it may be well-positioned for additional gains. With the crypto market in an uptrend, RENDER could reach new highs if it clears these hurdles.
Conclusion: All three tokens—TAO, FET, and RENDER—are showing bullish patterns amid the current market rally. However, each faces key resistance levels that could either confirm the uptrend or signal consolidation. Watching these levels will be crucial for gauging the next potential moves.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.