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Increased dominance of AI tokens! Will RNDR, GRT and FET Lead the Next Bull Rally?
With the news that Nvidia (NVDA) has become the most valuable company in the world, artificial intelligence (AI)-based cryptocurrencies have seen a strong bullish reversal on their respective charts over the past 24 hours.
Additionally, top AI tokens such as Render (RNDR), The Graph (GRT), Fetch.ai (FET) and Akash Network (AKT) each added more than 8% to their valuation. This highlights a high potential for AI tokens to rebound in the crypto space.
The rendering token tests its crucial support level:
After repeatedly failing to break above its important resistance level of $11,760, the RNDR price it lost momentum and showed a negative trend. This led to the AI token plummeting towards 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.
TradingView: RNDR/USDT
The technical indicator, MACD, shows a steady decline in the red histogram with its averages showing a decreasing downtrend. This highlights an increase in the positive influence of the RNDR cryptocurrency on the market.
On the other hand, the Relative Strength Index (RSI) registers a high possibility of bullish convergence in the 1D time horizon, suggesting Make the price will continue to gain value this week.
If the market keeps the RNDR coin price above the 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 push the price towards the $5.30 lower support level.
Does GRT Coin Price Suggest a Potential Bullish Reversal?
THE GRT price has shown a similar trend by registering a jump of 7.32% in the last day after recording a correction of 14.83% in the last seven days and 31.12% in the last 30 days. Furthermore, the altcoin has a year-to-date return of 0.1%, indicating neutral long-term sentiment.
TradingView: GRT/USDT
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, Graph encryption has successfully secured the 44th position in the global cryptocurrency list with a market capitalization of $2.043 billion.
The RSI successfully tested its oversold trend line, registering a bounce on the chart. Furthermore, it shows strong potential for a bullish crossover, indicating a positive outlook for the Graph coin price this week.
If the bulls regain momentum, the GRT cryptocurrency will break above the $0.2325 mark and prepare to test its upper resistance level of $0.2950. However, if the bears continue to dominate the market, the price of the chart will head towards its important support level of $0.1775.
Fetch.ai (FET) Price Analysis:
Amid growing bullish sentiment in the crypto space, the FET Price recorded a bullish leap of around 8% in 24 hours after breaking its crucial support level yesterday. Furthermore, with a year-to-date return of +75.86%, Fetch.ai’s price shows a strong long-term positive influence.
TradingView: FET/USDT
The Moving Average Convergence Divergence (MACD) shows a steady decline on the 1D time frame, suggesting an increase in price action for the FET cryptocurrency in the market. However, the averages show a steady decline, suggesting mixed sentiment in the cryptocurrency sector.
If the market pushes Fetch.ai price above the $1.285 resistance level, the bulls will regain momentum and prepare to test its upper resistance level of $1.855. Negatively, if the bears get the better of the bulls, the FET coin price would plummet towards the crucial $1 support level this month.