Date: Tue, Nov 05, 2024, 02:52 PM GMT
The cryptocurrency market is shining today as Bitcoin (BTC) crosses the $70,000 mark, climbing by 2.55% amidst heightened anticipation around the U.S. elections. With Donald Trump’s chances of victory reportedly at 62.7%, the market has shown a positive response, as Trump is known for his favorable stance on cryptocurrency.
Source: Polymarket
This bullish sentiment has extended to altcoins, particularly top AI tokens like Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Near Protocol (NEAR), which have reclaimed upward momentum after enduring a bearish performance.
Source: Coinmarketcap
Let’s take a closer look at the technical outlook for each of these AI tokens:
1. Artificial Superintelligence Alliance (FET)
Technical Analysis: $FET has been trading within a descending channel but recently found strong support around the $1.09 level (S), which is a historically significant support area. After consolidating around this support, FET is now attempting a breakout from the descending trendline resistance near $1.25. If it succeeds, this breakout could lead to $1.60 resistance zone (R), which has acted as a ceiling for price action in recent months. A successful move above $1.60 could signal further bullish momentum, potentially targeting the next major resistance around $1.72 and $2.16.
Outlook: FET’s recovery prospects are looking positive as it attempts to break out of its downtrend. A close above $1.25 would confirm the breakout, with an initial target at $1.72. If market conditions stay favorable, this could mark the start of a larger rally, with $2.16 as the next significant resistance to watch.
2. Bittensor (TAO)
Technical Analysis: $TAO has shown resilience after finding support around $409 (S). Currently trading around $446, it is approaching resistance at $516 (R), a previous high. A successful breach here would pave the way for further gains toward the $683 target (T).
Outlook: TAO appears well-positioned for a recovery if it can break through the $516 resistance. Given the market’s bullish sentiment, a rally to $683 could be possible if the momentum continues, making this a level to watch.
3. Near Protocol (NEAR)
Technical Analysis: $NEAR has been in a downtrend but found a solid base around $3.49(S). Currently, it is attempting to move towards the $4.35-$5.00 resistance area (R). If NEAR can reclaim $5.00, it may signal a trend reversal and open the path to $5.55 and beyond.
Outlook: NEAR’s recovery hinges on its ability to overcome the $5.00 resistance zone. If bullish momentum continues, this could be the start of a meaningful upward trend for NEAR.
Is a Recovery Rally on the Horizon?
With the broader market sentiment turning bullish, FET, TAO, and NEAR have favorable setups for potential recovery rallies. However, each token faces critical resistance levels. A break above these points could confirm a shift in momentum and signify a bullish recovery, especially if Bitcoin continues its ascent and election-related sentiment boosts the market.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
