The cryptocurrency market is witnessing heightened price volatility with significant fluctuations in the top altcoins' portfolios. Following the release of CPI data, a bullish price action was observed. Top Artificial Intelligence (AI) tokens, such as Render (RNDR) and Fetch.ai (FET), experienced a bullish surge after a month of bearish sentiment, providing relief to investors and signaling a potential positive price movement in the near future.
The RNDR token has recently shown a negative price trend with a 16.37% correction in the last seven days and a 14.82% decline over the past 30 days. Despite this, the altcoin has regained momentum, recording a 5% jump in the last day. The Moving Average Convergence Divergence (MACD) indicates increased price action for RNDR, although the averages are on a downward trend, signaling mixed sentiment.
If buyers manage to push the RNDR price above $9.450 resistance, the token is likely to target the $11.760 resistance level. Conversely, if sellers gain control, RNDR may fall towards the $7.325 support level.
In a similar vein, the FET token exhibited a bullish price movement, adding approximately 6% to its value in the last day. Despite a 23.10% correction in the past week and a 21.15% decline in the last 30 days, FET has shown resilience. With a current trading price of $1.638, circulating supply of 848,193,896 FET tokens, and a market cap of $1.385 billion, Fetch.ai has secured the 64th position in the top 100 cryptocurrency rankings.
The Relative Strength Index (RSI) for FET remains close to oversold levels, suggesting weak price action for the token. A constant decline in the average further indicates a negative sentiment regarding FET's price.
If buyers regain control, Fetch.ai is poised to test the $2.369 resistance level. Conversely, continued bearish pressure may lead FET to decline towards the $1.285 support level.
