Thu 08 Aug 2024 ▪
4
min read ▪ by
As the crypto market begins to show signs of recovery, AI altcoins are attracting more and more investor attention. Cryptos like AIOZ Network (AIOZ), Render (RNDR), and Bittensor (TAO) are recording significant daily gains.
The Emergence of AI Cryptos
AIOZ Network: A Reversal Potential
AIOZ Network, despite a downward trend observed on daily charts, shows encouraging signs of trend reversal.
Supported at the $0.40 level, the crypto is currently moving from the support line to the 200-day exponential moving average (EMA).
This movement contradicts the downward trend of the past 48 hours with a 21% rise. Buyers are looking to avoid a death cross between the 50-day EMA and the 200-day EMA, placing AIOZ at a critical juncture. If the upward trend continues, the price of AIOZ could reach the psychological threshold of $1.
Render: A Decisive Turning Point
Contrary to general expectations, the Render crypto experienced a drop after breaking out of the descending wedge formation, reaching $3.63.
The retest of the broken trendline indicates a possible reversal opportunity.
With the rise in the daily relative strength index (RSI), RNDR’s oversold condition could lead to a relief rally.
However, the death cross between the 50-day EMA and the 200-day EMA still indicates a downward trend.
To reverse this trend, the Render crypto must surpass $268, corresponding to the 78.60 Fibonacci level. In the event of a prolonged rally, it could target the psychological level of $10, corresponding to the 23.60 Fibonacci level.
Bittensor: Maintaining Strength
Bittensor, after a sharp drop from the $350 resistance, retraced to the $200 level with a double top formation.
However, TAO maintains its strength with a morning star formation at the $200 level. Recording an intraday increase of 3.52%, the AI altcoin is moving up with a three white soldiers formation, aiming for the $268 resistance at the 23.60 Fibonacci level.
An upward move could carry TAO to the neckline of the double bottom formation at $358.
Outlook for Crypto Investors
Astute investors have quickly identified the potential of AI altcoins in this recovering market.
By betting on innovative projects like AIOZ Network, Render, and Bittensor, they seek to profit from artificial intelligence technologies applied to cryptocurrencies. These altcoins are not just investment opportunities, but also indicators of how AI can transform the cryptocurrency landscape.
The rise of AI altcoins reflects growing interest in advanced technological solutions in the field of cryptocurrencies.
As the market recovers, these digital assets present impressive growth prospects. Significant daily gains and optimistic forecasts for the coming month bolster investor confidence in these projects.
For investors, diversification is essential. By integrating AI altcoins into their portfolio, they can benefit from the growth of these assets while reducing the risks associated with market volatility. The strategy is to identify cryptocurrencies with strong growth potential and closely monitor them to optimize returns.
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Fasciné par le bitcoin depuis 2017, Evariste n’a cessé de se documenter sur le sujet. Si son premier intérêt s’est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l’état du secteur dans son ensemble.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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