Date: Wed, Nov 27, 2024, 06:13 PM GMT
The cryptocurrency market has bounced back strongly today, with Bitcoin (BTC) recovering above $96K from its recent low of $91K. This recovery has sparked renewed momentum in major altcoins, including AI-focused tokens Artificial Superintelligence Alliance (FET) and Render (RENDER), which have surged above 10% respectively in the last 24 hours.
Source: Coinmarketcap
Both tokens are approaching critical breakout levels that could define their next major price moves.
Artificial Superintelligence Alliance (FET):
The $FET price rally has brought the token to a crucial juncture. Currently trading at $1.4950, FET is moving toward the apex of a long-term symmetrical triangle pattern on the daily chart. This pattern often precedes significant price movements, and FET appears poised for a decisive breakout.
If FET manages to break out from this formation, a successful move above the $1.65-$1.75 resistance zone could push the token toward its next target at $2.68, with further potential to reach $3.50—a 130% gain from its current level. This outlook aligns with the increasing bullish sentiment surrounding AI-related tokens.
The Relative Strength Index (RSI) for FET stands at 61, signaling ongoing bullish momentum while leaving space for further growth before hitting overbought conditions. This technical strength underpins FET’s potential for sustained upward movement.
Render (RENDER):
$RENDER has already initiated its rally, posting a 67% gain over the past month. After breaking out at $5.28, RENDER has entered a critical resistance zone between $7.58 and $8.30, where it is currently consolidating.
A clear breakout above $8.30 would pave the way for RENDER to target its next major resistance level at $10.89, representing an additional 36% upside from its current price. With strong market momentum and a surge in trading volume, RENDER is positioned to maintain its upward trajectory, provided it can overcome the $8.30 threshold.
What’s Ahead?
Both FET and RENDER are trading near pivotal breakout levels, signaling potential for further upside. The decline in Bitcoin dominance has created room for altcoins to shine, and these AI tokens are capitalizing on this shift. However, their ability to break through resistance zones will be crucial for sustaining these rallies.
As the cryptocurrency market stabilizes, traders should monitor FET and RENDER closely for signs of decisive breakouts. With bullish momentum building, these tokens could be set for significant price surges in the weeks ahead.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
