The total AI coin market cap has dropped by 2.84% in the last 24 hours. All 5 of the largest AI crypto projects also suffered 24-hour losses. However, according to crypto analyst Steven Walgenbach, technical data shows that these 5 AI coins will rise in the coming weeks.
A rally is possible for these AI coin projects!
There has been a notable increase in enthusiasm for emerging digital currencies in the cryptocurrency market. Artificial intelligence-based crypto projects are the latest crypto category to catch the attention of investors in the market. That’s why projects in this category are currently fighting each other to be the best. As you follow on Kriptokoin.com, the launch of ChatGPT and other advanced AI chatbots earlier this year caused a surge in excitement surrounding AI coins. These AI coins aim to leverage the capabilities of AI to increase efficiency, accuracy and automation in the cryptocurrency ecosystem.
Despite the excitement surrounding AI cryptos, AI crypto market cap has dropped 2.84% in the past 24 hours, according to CoinMarketCap. As a result, the total amounted to $4,430,115,622 at press time. Moreover, 24-hour trading volume in this crypto category has also decreased by 12.26% over the past day. The top 5 crypto projects in this category are The Graph (GRT), Render Token (RNDR), Injective (INJ), SingularityNET (AGIX), and Oasis Network (ROSE). All of these projects wrote 24-hour losses. But a rally is possible soon!
First up is The Graph (GRT)
As with most crypto tokens in the market, GRT also suffered losses as it entered the new week. The token was trading at $0.09884 at press time after experiencing a price drop of more than 2% the past day. As a result, GRT’s weekly performance fell to -0.39%, entering the red zone.
Daily chart for GRT / Source: TradingViewFrom a technical standpoint, the altcoin’s price was looking to break above the 9-day EMA at press time. The price of GRT has managed to climb above this technical indicator in the last 48 hours. However, it closed yesterday’s trading session below the EMA line. If the price of GRT closes today’s trading session above the 9-day EMA line, it will likely attempt to rise to the next level of resistance around $0.1196 in the next few days. Conversely, a daily close below the technical indicator today will likely put the altcoin at risk of falling as low as $0.0774.
Render Token (RNDR) ranks second.
RNDR was another AI coin that saw its price drop more than 2% in the past day. As a result, the crypto was trading at $1.95 at press time. However, the weekly performance of the AI token still increased by around 0.98%.
Daily chart for RNDR / Source: TradingViewThe price of RNDR was holding the $1,906 support level at press time. It has managed to break above the 9-day EMA line in the last 48 hours. This brought the altcoin’s price down to $1,722 last week. The selling pressure from the bears was too much for the bulls yesterday. This caused the price of RNDR to close below the EMA line yesterday. If the price of RNDR can close above the aforementioned $1,722 support today and tomorrow, it could turn the next resistance level at $2,317 to support next week. However, if there is a close below the $1,722 mark in the next 48 hours, a drop to $1,590 is likely for RNDR.
The third artificial intelligence coin project Injektive (INJ)
INJ also suffered a 24-hour loss of more than 2%. But the AI token’s weekly performance still sits firmly in the green zone at 3.69. This resulted in the crypto trading at $6.04 at press time. It also meant that INJ was trading between a 24-hour low of $5.89 and a daily high of $6.26.
Daily chart for INJ / Source: TradingViewThe daily RSI line has fallen below the daily RSI SMA line in the past 48 hours. That’s why INJ has triggered a significant bear flag on its daily chart recently. If this bear flag is confirmed, it is possible for the altcoin to drop to $5 next week. If a daily candle closes above the 9-day EMA line in the next 48 hours, the bearish thesis will be invalidated. If that happens, INJ’s price will likely rise to $7,464 in the next 48 hours.
We continue the list with SingularityNET (AGIX)
AGIX was one of the least struggling AI tokens in the past trading day as it suffered a loss of only 1.35%. Crypto’s weekly performance is also still in the green, up over 4%. Meanwhile, AGIX’s 24-hour trading volume has increased more than 80% since yesterday, reaching over $12 million.
Daily chart for AGIX / Source: TradingViewAGIX price was trying to turn the key $0.23481 resistance level to support. If it successfully breaks through the strong hurdle in the next 2 days, it will have a clear path to rally to $0.32788 next week. Failure to break above the level in the next 48 hours will cause the price of AGIX to drop to $0.17424.
The latest artificial intelligence coin project Oasis Network (ROSE)
Similar to the rest of the AI crypto market, ROSE also suffered a 24-hour loss. At press time, the altcoin was trading at $0.04565 after its price dropped 3.37%. However, the altcoin’s weekly performance remained in the green at 3.37%. In addition, ROSE’s 24-hour trading volume dropped more than 20%. Thus, it was left at about $28 million. Since the token reached its ATH in January 2018, its price has dropped by 88.61%.
Daily chart for ROSE / Source: TradingViewROSE’s daily RSI line has been bullish above the daily RSI SMA line for the past 3 days. However, the slope of the RSI line turned from positive to negative after the altcoin price faced rejection from the 9-day EMA line. If the RSI line breaks below the SMA line in the next 48 hours, the price of ROSE will drop to $0.03770 in the next few days. On the other hand, if ROSE’s price can close a one-day candle above the 9-day and 20-day EMA lines in the next 2 days, there will be a clear path for the crypto price to rise to around $0.05.
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