The crypto markets are facing a mid-week bearish heat after a bullish start, which may hinder the progress of the rally for a while. The AI tokens, which gained immense attention in a short while are consolidating, which may be a bullish signal. However, the trade sets of Bittensor (TAO), Artificial Superintelligence Alliance (FET) and Render (RENDER) face a significant pullback. But here could be a good opportunity to accumulate some at discounted prices.
Bittensor (TAO) Price Analysis
Bittensor price has mesmerised the crypto space in recent times with a magnificent jump of over 200%. Unfortunately, the price rise has always been accompanied by a minor pullback, which has always brought the bulls back in action. A similar trade set appears to have been laid down as the TAO price is about to form another higher high. Therefore, the price is expected to overcome the upward pressure and eventually mark new highs after reaching a 4-digit figure.
The TAO price is trading within a rising parallel channel after a massive upswing, forming a bull flag. However, the volume has dropped, which could further hamper the volatility and as a result, Bollinger bands are going parallel to each other. As the on-balance volume (OBV) is constantly forming lower highs and lows, this could be a matter of concern. If the price fails to trigger a rebound, the Bittensor price may eventually continue to consolidate, while a rebound may pave the way towards the ATH.
Artificial Superintelligence Alliance (FET) Price Analysis
The FET price has been raining within a bullish pattern, regardless of the bearish pressures that hindered it at regular intervals. The token is currently testing the crucial levels along the support of the pattern, which could pave the way for a healthy rebound. Unfortunately, the technicals have turned against the bullish trajectory, but there could be a chance for a bullish continuation.
As seen in the above chart, the FET price is trading within a rising wedge and is testing the lower support of the pattern. The rise to the interim resistance zone between $1.45 and $1.48 squashed the selling pressure but the MACD has again turned bearish, suggesting a potential pullback for the next few hours. Now the price needs to hold the support at $1.4 and also clear the above-mentioned resistance zone, which could elevate the levels above $1.7. Unfortunately, the RSI favours the bears, which displays the probability of a breakdown from the support. However, a rebound could be imminent.
Render (RENDER) Price Analysis
The Render price remains within a bullish range as the token has been defending the ascending trend line that has been in strong support since August. The selling volume has increased in the past couple of days, but the crypto remains within the bullish trajectory. Therefore, after a brief consolidation, the RENDER price is believed to trigger a healthy upswing.
The RENDER price may continue to plunge but hold the support at $5.1, which may further initiate a strong rebound. The MACD, which has turned bearish along with the RSI heading towards the south, validates the bearish claims. Therefore, the Render price may continue to flow towards the support and further trigger a rebound to bring back the rally within the range.
