AI tokens Price Forecast: ICP tests key support, TAO and RENDER eye comeback
- Internet Computer is under pressure near the 20-day and 50-day EMAs after a firm rejection at $4.41.
- Bittensor could test a key descending trendline if it holds the $230 level and climbs above the 50-day EMA.
- Render could tackle the $2.77 resistance if it flips the 100-day EMA.
Artificial Intelligence (AI) tokens joined Bitcoin (BTC) and the wider crypto market in a downtrend over the past three days amid geopolitical tensions over the US's intentions to acquire Greenland. However, a few of these tokens are looking to establish support and retest key resistance levels.
ICP under pressure near 20-day and 50-day EMAs
Internet Computer (ICP) is struggling to hold the convergence of the 20-day and 50-day Exponential Moving Averages (EMAs) as support. The move comes after seeing a sharp decline following a rejection at the resistance near $4.41, which is strengthened by the 200-day EMA.
ICP could find support near $3 if it fails to hold the 20-day and 50-day EMAs. Further down, the support at $2.70 could provide a cushion if prices decline harder.
On the upside, ICP could retest $4.41 if it sustains a firm move above the 100-day EMA.
The Relative Strength Index (RSI) is testing its neutral level while the Stochastic Oscillator (Stoch) is below its midline, indicating a weakening bullish momentum.
Bittensor finds support at $230, eyes descending trendline resistance
Bittensor (TAO) is looking to hold $230 as a support level after declining below the 20-day and 50-day EMAs. The AI token has been in a downtrend over the past week, following a rejection at the $305 resistance level near the 100-day EMA.
TAO could test a descending trendline extending from November 8, if it holds the $230 level and climbs above the 50-day EMA. However, a breach of the level could see it decline to find support at $206.
The Relative Strength Index (RSI) is below its neutral level while the Stochastic Oscillator (Stoch) is in oversold territory. Sustained oversold conditions in the Stoch could inspire a short-term recovery.
Render bounces at $1.86, tests 100-day EMA
Render (RENDER) is testing the 100-day EMA after finding support at $1.86 near the 50-day EMA.
A firm rise above the 100-day EMA could push the token to test the $2.77 resistance, just above the 200-day EMA. On the downside, RENDER could decline toward $1.19 if it breaches $1.86.
The Relative Strength Index (RSI) bounced off its neutral level, while the Stochastic Oscillator (Stoch) has retreated from oversold territory, indicating a weakening bearish momentum.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
