The cryptocurrency market has experienced sharp corrections over the past week, with Bitcoin falling from its recent high, impacting AI tokens like Render and Bittensor.
Bitcoin's Drop and Its Impact
The crypto market witnessed notable decline, starting December 17, with Bitcoin dropping to $92,000 before trading near $94,000 today. This decline has influenced various tokens, including AI-focused Render and Bittensor.
Current Status of Render (RENDER)
Render is currently retesting its breakout zone from a descending triangle. This pattern propelled RENDER to a recent high of $13.83. Amid the correction, it has retraced to the key support zone of $7.23–$7.54, now trading slightly below at $7.05.
Recovery Strategy for Bittensor (TAO)
Bittensor has seen a significant pullback from its ascending trendline, dropping from $748 to its critical support at $424. It is currently trading above this level at $448, showing some resilience.
Both Render and Bittensor are at critical support levels. Their ability to hold these levels will be key for any potential rebound. Bitcoin's dominance will also play a crucial role in influencing the future trajectory of these tokens.
