Akash Network, FET, and Render see double-digit losses as Nvidia stocks plunge 9.5%
Nvidia's Market Decline: Nvidia experienced a significant stock drop of 9.53% on September 4, leading to a $270 billion loss in market capitalization amid an antitrust investigation by the U.S. Department of Justice, which raised concerns about potential customer restrictions.
Impact on AI Cryptocurrencies: Following Nvidia's downturn, AI-focused cryptocurrencies like Akash Network and Bittensor saw losses exceeding 10%, contributing to a 6.9% decline in the overall market cap of AI tokens, despite Nvidia's strong revenue performance earlier in the year.
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Technical Analysis for TAO
Technical Sentiment Analysis for Bittensor (TAO) As of , Bittensor (TAO) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for TAO stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, TAO is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bittensor (TAO) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 66.307 | 104.553 | 142.207 | 180.453 | 218.107 | 256.353 | 294.007 |
| Fibonacci | 104.553 | 133.547 | 151.46 | 180.453 | 209.447 | 227.36 | 256.353 |
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