• 28 May, 2024
Market News Markets

Will Strong Support Propel FET and AR to New Highs?

AI-based coins have emerged as intriguing assets, showcasing promising potential for investors. As highlighted by Altcoin Sherpa, an analyst, Fetch.ai (FET) and Arweave (AR) stand out with notable price movements, indicating considerable market interest and momentum. 

Render (RNDR) and Akash Network (AKT) also present compelling narratives within their respective trading charts, reflecting patterns of support and resistance that could influence future price actions.

According to data from CoinMarketCap at the time of press, Fetch.ai (FET) has been making strides, priced at $2.29 with a 24-hour trading volume of $359,511,222, marking a 13.60% increase. Analyzing the 12-hour chart reveals a tug-of-war between crucial support and resistance levels. The primary resistance lies at 2.6368, indicating significant barriers to upward movement. 

Source: Altcoin Sherpa

Conversely, the key support at 1.8473 has been steadfast, providing a solid foundation amid market indecision. Volume analysis underscores heightened market interest during pivotal price movements, especially evident during mid-May’s upsurge, signaling robust buying momentum.

In contrast, Arweave (AR) is demonstrating resilience, holding a price of $43.53 with a 24-hour trading volume totaling $209,590,402, indicating a modest increase of 6.07%. Examining the 12-hour chart unveils a consistent theme of contention against resistance levels, particularly evident around the $47.518 mark and in the vicinity of $44.000.

Source: Altcoin Sherpa

These resistance points have posed formidable challenges, though recent volume spikes during price rises hint at strong buying sentiment. On the support front, levels at 43.485 and 36.000 have served as crucial pillars, preventing significant downturns and fostering bullish outlooks.

At the time of press, RNDR is priced at $10.66 with a 24-hour trading volume of $704,921,361, indicating a 4.36% increase. The chart for RNDR/USDT on a 12-hour timeframe paints a picture of intricate price movements. Resistance levels at 12.727 and around 11.000 have proven daunting, thwarting attempts at upward surges. 

Source: Altcoin Sherpa

However, support zones at 9.900 and 9.285 have provided sturdy grounds for rebounds, showcasing a flip from resistance to support and bolstering bullish sentiments. Volume analysis underscores market activity, with spikes correlating with pivotal price movements, reflecting evolving investor sentiments.

Additionally, Akash Network (AKT) has made significant strides, with its price reaching $5.90, reflecting a notable 17.01% increase within 24 hours. Analyzing its price trend against Tether (USDT) unveils crucial Fibonacci retracement levels, highlighting potential support and resistance zones. 

Source: Altcoin Sherpa

Notably, the $3.3725 and $2.6356 support levels present significant buying opportunities, while resistance at $6.4952 and the price level at $5.8667 pose challenges to further price appreciation. Volume analysis suggests strong market interest, particularly during upward trends, signaling investor confidence in Akash Network.

Analyst Predicts Major Litecoin Rally by 2025 Read Previous

Analyst Predicts Major Litecoin Rally by 2025

SHIB Jumps by 8%, With ShibaSwap and Shibarium Integration Read Next

SHIB Jumps by 8%, With ShibaSwap and Shibarium Integration