Both artificial intelligence (AI) currencies are set to see more bearish price action.
RNDR, a project involving Graphics Processing Units (GPUs), could test the 0.618 Fibonacci level before witnessing a price reversal to the upside.
Use Fibonacci retracement levels to identify potential areas of support and resistance. As of the time of writing, RNDR is trading at $9.11.
Another altcoin is TAO, a blockchain platform focused on machine learning and artificial intelligence.
TAO will drop to the 0.50 Fibonacci level to find support.
The listing is a semi-news event. The price is expected to fall to around $400, the 0.50 Fibonacci level and the 200-day exponential moving average.
However, the price has reacted around this level, so I really want to see this area hold. Losing this area could lead the price down to the next key support at $320.
TAO is priced at $469, a slight drop of 2% in the past 24 hours.
(Personal opinion, not a recommendation)
If you like it, please follow us for more articles.
Thanks for reading! See you next time!
