Artificial Intelligence Tokens Stumble Again! Is The AI Hype Over?
The cryptocurrency industry continues to display a bearish price action, resulting in top tokens hovering close to their important support levels. Furthermore, the Artificial Intelligence (AI) category has recorded a significant correction of 3.53% in valuation within the past day.
Top AI tokens experience a strong rising bearish sentiment in their respective portfolio, indicating a negative outlook for these tokens in the coming time. Thinking of investing in AI tokens? In this article, we have covered the in-depth price forecasts of the top 4 AI tokens for this week.
Near Protocol (NEAR):
The NEAR price had started the year positively by adding over 245% and achieving the $9 mark. However, it lost 30% in valuation. Since then, the Near Protocol price has repeatedly failed to break out of its important resistance level at $7.685, indicating a strong liquidation point for the AI leader at that level.
Moreover, the Near Protocol token has lost 6.83% within the past 24 hours and 1% over the past 30 days, indicating a weak price action. Positively, it has a Year-to-Date (YTD) return of 89.56% in value, indicating a positive outlook for this AI token in the long-term perspective.
The technical indicator, MACD, displays a constant decline in the green histogram, indicating weak buying and selling pressure for the altcoin in the crypto industry. Furthermore, the averages show a high possibility of a bearish convergence, suggesting a negative price action this week.
If the market pushes the price above the resistance level of $7.685, the bulls will regain momentum and prepare to test its upper resistance level of $9 during the upcoming weeks. However, bearish price action may pull the price toward its low of $6.225.
Render (RNDR):
The RNDR price continues to display a neutral trend by trading in a closed range between $7.10 and $8.985 for about three weeks, indicating weak buying and selling pressure for the AI token in the crypto space.
Moreover, the Render price has lost 15% within the past seven days and 29.08% over the past 30 days, highlighting a bearish outlook for the altcoin during the upcoming week.
The Moving Average Convergence Divergence (MACD) shows a constant flatline in its 1D time frame chart, suggesting a weak price action for the RNDR token. Moreover, the averages display a bearish crossover, suggesting the price may continue losing value this week.
If the bulls regain momentum, the RNDR price will attempt to test its upper high of $8.98 by the coming weekend. Conversely, if the bears continue to dominate the market, it will plunge and test its lower support level of $7 in the coming time.
The Graph (GRT):
After recording a low of $0.1388 in February, the GRT price regained momentum and recorded a jump of 256.62% in value before facing rejection at the resistance level of $0.4950. After this, the bulls lost momentum, traded under a bearish influence, and recorded a correction of 53.23%.
Since then, The Graph price has been trading in a closed range between $0.2315 and $0.2950. Moreover, the EMA 50-day acts as a resistance to the price chart, indicating a strong bearish influence for the altcoin in the industry.
The MACD displays a constant decline in the green histogram, highlighting an increase in the selling pressure in the crypto space. Furthermore, the averages show a bearish convergence, indicating a negative outlook for the altcoin this week.
If the market experiences a bullish reversal in the chart, the GRT price will prepare to test its resistance level of $0.3550 in the coming time. Negatively, if the bears continue to dominate the market, it will plunge and test its crucial support level of $0.2315.
Theta Network (THETA):
The Theta price constantly fails to break out of its resistance level at $2.430, indicating a liquidity point at that level. Moreover, the EMA 50-day acts as a resistance to the price chart, highlighting a strong bearish influence. The Theta Network token has recorded a correction of 23.17% over the past 30 days.
The technical indicator, MACD, shows a constant flatline in the chart with its averages displaying a high possibility of a bearish convergence, highlighting a weak buying and selling pressure for the THETA Network token in the cryptocurrency market.
If the bulls regain momentum, the Theta Network price will prepare to test its upper resistance level of $3.050 during the upcoming week. However, bearish price action may pull the price toward its lower support level of $1.800.
