With the 3.18% jump in the Bitcoin price, a bullish engulfing candle reveals solid demand at the $57K level. As the buyers push back the supply available, the altcoins market fires up all the bullish cylinders for a bounce back. Amid the recovery, the AI tokens are making a comeback at a breakneck speed. So, here are the top AI tokens you should consider buying this week to ride the recovery rally.
Top AI Tokens: Bittensor (TAO)
The BitTensor AI token has a market cap of $2 billion and has increased by 2.53% in the past 24 hours. Currently, the TAO token’s price is trading at $280 and reveals a bullish engulfing candle. The AI token jumped by 6.12% yesterday by taking support at the $260 level.
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Based on the Fibonacci level, the bullish influence at the 23.60% level keeps the uptrend alive in this top AI token. Furthermore, a possible double bottom formation arises at the 23.60% level.
The lack of bullish divergence questions the possibility of a comeback. Nevertheless, an upcycle in the AI token will resurge to challenge the 38.20% level at $300.
A bullish breakout will eventually lead to hitting the 61.80% level at $358. However, a bullish failure could give rise to a head-and-shoulder pattern with a neckline at the 23.60% level. As a bearish pattern, the breakdown could put the $200 psychological mark at risk.
Render (RNDR)
With a market cap of $2 billion, the RENDER Token trades at $5.10. In the past 24 hours, it has risen by 3.91%. This concludes the bearish cycle of 7 consecutive bearish candles near the $5 psychological mark.
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With a 5% jump yesterday, a bullish engulfing candle teases a potential new trend. Furthermore, a support trend line is visible in the larger falling channel pattern, projecting a potential challenge to the 50-day EMA at $5.61.
However, the intense bearish cycles and the broader market volatility could result in a bearish breakdown. Further, the death cross between the 50-day and 200-day EMA has a bearish influence on the RENDER price trend.
Nevertheless, with a bullish breakout, the top AI token will challenge the previous peak at the 200-day EMA near the $6.69 mark. Optimistically, a bullish continuation can find targets at $7.50 and $11 on the bullish radar.
AIOZ Network (AIOZ)
With a market cap of $452 million, the AIOZ network ranks at 114th position in the crypto market. The AIOZ token price is at $0.40, with a 5.38% jump in the last 24 hours. With the bullish outcome, the top AIOZ token finally ends the bearish cycle of 9 consecutive bearish candles.
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However, the increased bearish influence results in a death cross between the 50-day and 200-day EMA. Nevertheless, the bullish divergence between the two dev formations in the RSI line projects a potential comeback for the AIOZ token.
Optimistically, a bullish breakout of the falling channel pattern in the daily chart will find resistances at the 23.60% and 50% Fibonacci levels at $0.54 and $0.7612, respectively.
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