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The cryptocurrency market analysis and education platform CryptoBusy predicted that SingularityNET (AGIX), Render (RNDR) and Fetch.ai (FET) may print substantial gains for investors in the coming few weeks as NVIDIA shifts their focus to AI. In the video, the analyst added that these altcoins will first need to break multi-month negative trends first.
Render (RNDR)
The analyst highlighted a bearish head and shoulders pattern that had formed on the cryptocurrency’s daily chart over the past few weeks. Furthermore, he revealed that RNDR’s price also broke through the “neckline” of the bearish chart pattern.
According to the CryptoBusy analyst, RNDR breaking above $1.73 could lead to the altcoin’s price climbing to $2.40-$2.50. Meanwhile, CoinMarketCap indicated that RNDR was changing hands at $1.47 after it achieved a 24-hour gain of 6.32%.
From a technical perspective, the 9-day EMA line was attempting to cross above the 20-day EMA line as well. Should these 2 technical indicators cross, it will signal that short-term momentum has shifted in favor of bulls. This may then be followed by an uptick in RNDR’s price as well.
SingularityNET (AGIX)
The analyst did not have much to say about AGIX. Nevertheless, he shared that a break above $0.27 could result in the AI cryptocurrency’s price climbing 3-4 times in the following weeks. At press time, however, the altcoin still had some work to do to reach this potential trade entry as it was trading at $0.1874. Nonetheless, AGIX’s price had risen more than 6% during the past day.
Similar to RNDR, the 9-day EMA line was also looking to cross the 20-day EMA line on AGIX’s chart. Moreover, a symmetrical triangle chart pattern had formed on AGIX’s daily chart as well, which suggested that a breakout in the coming 2 weeks is imminent.
If the altcoin’s price breaks out towards the upside, then it could climb towards the $0.27 target mentioned in the analyst’s video. Conversely, a bearish breakout may lead to AGIX’s price retesting the crucial support level at $0.15 in the next few days.
Fetch.ai (FET)
Last but not least, the analyst revealed that a bullish divergence had formed on FET’s daily chart. In the video, he shared that the MACD indicator was printing higher lows while the cryptocurrency’s price was recording lower lows. This may be an early indication of a bullish trend reversal, according to the analyst.
Short-term momentum was in favor of buyers at press time as the 9-day EMA line was positioned above the 20-day EMA line on FET’s daily chart. If this bullish momentum continues, then the cryptocurrency’s price may attempt to break above the multi-month negative trend line.
Should FET’s price break above $0.2420, then it may continue to rise to the next significant threshold at $0.290 in the following few weeks. On the other hand, a rejection from the multi-month trend line may put the altcoin at risk of falling to the $0.1715 support level.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.