Wise Advice, an X page with more than 250,000 followers, made a post suggesting that AI coins may be having a major rally this week, making them major coins to watch.
According to the post, coins like Render (RNDR), Bittensor (TAO), and Artificial Superintelligence Alliance (FET) have seen 80% to 120% increases since August, while many other layer 1 networks have only seen 20% to 30% price increases.
𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸 𝗪𝗶𝗹𝗹 𝗕𝗲 𝗛𝘂𝗴𝗲 𝗙𝗼𝗿 𝗔𝗜 𝗖𝗼𝗶𝗻𝘀 Since August bottom, AI coins like $FET, $TAO, and $RENDER are up 𝟖𝟎%–𝟏𝟐𝟎% Meanwhile, many other L1s are up just 20%-30%. One of the reasons behind AI outperformance is that #NVIDIA quarterly… pic.twitter.com/BqaReu5fiX
— Wise Advice (@wiseadvicesumit) August 26, 2024
One of the major reasons why AI coins may also outperform this week is because of NVIDIA’s quarterly earnings report, which will be released this week. If the results are higher than expected, AI coins could pump. For this reason, it is good to have them in crypto watchlists this week.
Artificial Superintelligence Alliance (FET) Price Could Pump Short-Term
Altcoin Sherpa also posted an analysis of FET showing that the price has a chance of pumping higher in the short term. At the time of the analysis, the price was trading within the $1.39 resistance and $1.32 support.
The price recently tested the resistance level twice, forming a double-top pattern, which typically indicates potential reversal or consolidation. After failing to break above the resistance, the price retraced to the support level, where it is currently holding.
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The volume bars show some spikes, particularly during the run-up to the resistance, indicating strong buying interest during the initial push. However, the volume has been declining slightly during the consolidation phase, suggesting a possible slowdown in momentum.
The current consolidation within the range might suggest accumulation before the next major move. As long as the price remains above the $1.32 support level, the bias remains bullish, especially if Bitcoin maintains stability.
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A breakout above the $1.39 resistance level could trigger a strong upward move, potentially continuing the bullish trend. However, the analyst thinks that Bitcoin must remain bullish if the move is to continue in the short term. Thus, if BTC stabilizes or moves higher, FET could see a breakout.
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The post This Week ‘Will Be Huge’ for RNDR, TAO, and Other AI Coins as They Continue to Outperform: FET Primed for Breakout appeared first on CaptainAltcoin.
