Fetch.ai (FET), Render (RNDR) Price Analysis – Will AI Altcoins Outshine in the Bull Market?
The cryptocurrency market has witnessed a surge in interest surrounding AI-focused altcoins, with analysts sharing their perspectives on the potential of projects like Fetch.ai (FET) and Render Token (RNDR).
Notably, crypto influencers like DavidOnCrypto and Crypto Vikings have expressed optimism about the AI sector, suggesting it could outperform other market segments when the bull market ignites.
DavidOnCrypto highlighted FET’s 71% correction in 2023, which saw its price drop from $0.60 to $0.16 before rebounding with a 20x surge to $3.47. Similarly, RNDR experienced two 55% corrections before a 10x rally to $13.60. “AI still remains the name of the game this cycle till the very end,” DavidOnCrypto stated, underscoring the potential of AI-focused projects.
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Render (RNDR) Price Analysis
AltcoinSherpa, while exiting their RNDR position, acknowledged the project as a “decent AI coin.” However, they remained uncertain about whether the AI sector would outperform others in Q3 and Q4 of 2023.
Meanwhile, D0c Crypto highlighted a crucial support level for Render Token (RNDR) at $7.96 on the weekly chart. Furthermore, he stated that smart money is accumulating RNDR at this level. Consequently, to reclaim an uptrend, RNDR must first surpass the 2021 all-time high (ATH) or Fibonacci level of $8.76.
Moreover, for RNDR to solidify its uptrend, it needs to close above $11.80 on the weekly chart. If RNDR achieves this feat, it could potentially retest its ATH. However, the immediate priority is for RNDR to sustain above the $7.96 weekly support level.
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Fetch.ai (FET) Price Analysis
Crypto Vikings expressed confidence in FET, labeling it an “AI blue-chip coin” with significant growth potential. They noted that FET had already corrected by more than 50%, presenting a “juicy dip” and an opportunity to buy a “trendy blue-chip coin at a 50% discount.”
However, Sensei, another analyst, cautioned against buying FET, suggesting that breaking support levels and trading below moving averages could indicate further downside risk.
Nebraskangooner’s technical analysis on FET pointed to a bear flag breakdown, with the potential for a 5-13% bounce from the current levels. However, they also noted that many altcoins have broken below the 99-day simple moving average on the daily chart, leading to extended downside movement.
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