With the news of Nvidia (NVDA) becoming the world’s most valuable company, Artificial Intelligence (AI) based cryptocurrencies have recorded a strong bullish reversal in their respective charts over the past 24 hours.
Moreover, top AI tokens such as Render (RNDR), The Graph (GRT), Fetch.ai (FET), and Akash Network (AKT) have each added over 8% to their valuation. This highlights a high potential for a bounce back of the AI tokens in the crypto space.
Render Token Tests Its Crucial Support Level:
After repeatedly failing to breach its important resistance level of $11.760, the RNDR price lost momentum and displayed a negative trend. This resulted in the AI token plunging toward its crucial support level of $7.325.
Currently, the Render token is on the verge of testing its crucial support level, the outcome of which is unpredictable.
The technical indicator, MACD, displays a constant decline in the red histogram with its averages showing a decrease in the bearish trend. This highlights an increase in the positive influence of RNDR crypto in the market.
On the other hand, the Relative Strength Index (RSI) records a high possibility of a bullish convergence in the 1D time frame, suggesting the Render price will continue gaining value this week.
If the market holds the RNDR coin price above its crucial support level of $7.325, the bulls will regain momentum and prepare to test its upper resistance level of $11.760. Conversely, a bearish reversal could pull the price toward its lower support level of $5.30.
GRT Coin Price Hints At A Potential Bullish Reversal?
The GRT price has displayed a similar trend by recording a jump of 7.32% within the past day after recording a correction of 14.83% within the past seven days and 31.12% over the past 30 days. Moreover, the altcoin has a YTD return of 0.1%, indicating a long-term neutral sentiment.
With a trading price of $0.2152, a circulating supply of 9,548,331,450 GRT tokens, and a total supply of 10,799,506,661 GRT tokens, The Graph crypto has successfully secured the 44th position in the global cryptocurrency list with a market cap of $2.043 Billion.
The RSI has successfully tested its oversold trendline, resulting in it recording a bounce back in the chart. Furthermore, it displays a strong potential for a bullish crossover, indicating a positive outlook for the Graph coin price this week.
If the bulls regain momentum, the GRT crypto will surpass its $0.2325 mark and prepare to test its upper resistance level of $0.2950. However, if the bears continue to dominate the market, the Graph price will head toward its important support level of $0.1775.
Fetch.ai (FET) Price Analysis:
Amid rising bullish sentiment in the crypto space, the FET price has recorded a bullish jump of approximately 8% within 24 hours after breaking down its crucial support level yesterday. Furthermore, with a Year-to-Date return of +75.86%, the Fetch.ai price displays a strong long-term positive influence.
The Moving Average Convergence Divergence (MACD) shows a constant decline in the 1D time frame, suggesting an increase in the price action for the FET crypto in the market. However, the averages display a constant decline, suggesting a mixed sentiment in the crypto space.
If the market pushes the Fetch.ai price above the resistance level of $1.285, the bulls will regain momentum and prepare to test its upper resistance level of $1.855. Negatively, if the bears overpowered the bulls, the FET coin price will plunge toward its crucial support level of $1 this month.