“Over the past two months, Bitcoin has outperformed the vast majority of altcoins, although it has only gained 2% over that period. Therefore, investors are relatively cautious and move towards the safest asset in the cryptocurrency market. In this context of uncertainty, with BTC stuck at $120,000, the artificial intelligence (AI) sector is in a state of flux. However, Bittensor (TAO) is performing relatively […]”, — write: businessua.com.ua
Over the past two months, Bitcoin has outperformed the vast majority of altcoins, although it has only gained 2% over that period. Therefore, investors are relatively cautious and move towards the safest asset in the cryptocurrency market. In this context of uncertainty, with BTC stuck at $120,000, the artificial intelligence (AI) sector is in a state of flux. However, Bittensor (TAO) is showing relatively strong performance. In today’s analysis, we will take a detailed look at the situation in the AI sector and see will TAO be able to take advantage of Bitcoin’s recovery to shine. Let’s go!
Artificial intelligence (AI) continues its decline Bitcoin succeeded hold on to the psychological threshold of $110,000 and it seems he even wants to attack $120,000 . But the sector artificial intelligence (AI) doesn’t use it for recovery, quite the opposite. As we can see in the graph below, AI is in free fall for several months now:
AI productivity from October 2024. Source: The Block
The GMCI AI index was volatile from the end of 2024 and has been falling continuously since May . Currently, the situation is not improving. Restoration index can lead to consolidation and potentially gradual recovery of the sector . Let’s analyze some flagship AI assets, starting with Bittensor (TAO).
The price of TAO since the beginning of 2024 has fluctuated in range between support at $230 and resistance at $680 . Buyers and sellers neutralized each other for a while between these two limits, and since April the price has fluctuated between support at $320 and resistance at $450 . After the sudden collapse on October 10, buyers reacted to the support level and were able to send the price to resistance at the level of $450 :
TAO Price vs Dollar (3D) – Sign up for Trading View using our affiliate link.
After a long period of hesitation level breakthrough resistance at the level of $450 will allow the price to return to $680 . This level should give way to significant upward volatility on TAO . On the other hand, if the price weakens here, it may fall to support at $320 .
The RSI momentum indicator has just broken through the bearish trend line which exists since the end of 2023. Strong impulse as current, often generates bullish volatility .
Render (RENDER) has been controlled by the seller since early 2024 From the beginning of 2024 RENDER was clearly controlled by the bears. The price fluctuates downward, from lows to highs, and recent the squeeze has led to bearish volatility . Indeed, the loss of the bullish trend line and support at $3.50 led to a fall to support at $2.50 :
RENDER Price vs Dollar (3D) – Sign up for Trading View using our affiliate link.
Bounce here can allow the price to reach resistance at the level of $3.50 . But be careful, because if the price passes between bearish moving averages (EMA 9/EMA 18) she can achieve support at $2.10 . Since the underlying momentum is bearish, there is nothing here to indicate that the price has found a bottom.
The RSI is below the bearish trend line. Therefore, until the situation changes, sellers control the momentum .
The NEAR protocol (NEAR) may return to the $1.80 support level Like RENDER, NEAR was relative unstable from the beginning of 2024. After compression period the price finally fell below the level of $2.6 :
NEAR Price vs Dollar (3D) – Sign up for Trading View using our affiliate link.
A further decline is possible if the price stops at the level bearish moving averages (EMA 9/EMA 18) . Weakening the price can lead to a return to the $1.8 support level . However, if buyers recover and the price exceeds $2.6 level possible growth to $3.7 . The RSI has recently confirmed a bearish divergence . To restore strong impulse must be exceeded 61 .
Key elements to remember The artificial intelligence (AI) sector is fragile as RENDER and NEAR have experienced bearish volatility recently. However, Bittensor (TAO) did not capitulate to the sellers and even managed to return to the $450 resistance level. And if the resistance gives way, the price could accelerate to the highs of 2024. Meanwhile, Zcash (ZEC) isn’t content to stabilize, having just confirmed an 800% gain in a matter of weeks.
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Technical signals are gradually improving after a few days of caution. Cara recently adjusted its market exposure, taking advantage of the return of some optimism. A position was opened in a pattern that was considered attractive, with an initial take profit that had already been achieved.
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Source: journalducoin.com
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