AI tokens are increasing in number and popularity. The biggest as of such token at the time of writing is NEAR.
The asset is the 21st most prominent cryptocurrency, while Internet Computer (ICP) occupies the 26th spot. Recent trading activity shows that ICP and other AI tokens have witnessed substantial trading volume increases.
For instance, on November 22, ICP surged over 22%, climbing from $9.24 to $11.4. It peaked at over $12 before the week concluded, marking significant progress towards its June high and inching closer to its all-time high.
The broader trend among various cryptocurrencies indicates a steady approach to their all-time highs (ATH). The Artificial Superintelligence Alliance is trading at 61% below its ATH, but it is gradually moving closer and may potentially break through this mark later this year.
Conversely, Render is trading at $7.26 and is facing a considerable selloff, with trading volume dropping by over 30% in the last 24 hours. Despite the downturn, it remains less than 50% away from its all-time high. Looking ahead, other AI tokens are keen to reclaim their ATH and establish new records before the year concludes. Several factors will play a crucial role in this pursuit.
NEAR/USD
Near Protocol is one of the many AI tokens to watch. However, it is experiencing significant downtrends due to ongoing selloff trends affecting the broader cryptocurrency market.
Despite these challenges, the apex AI token reached a critical price level in the previous intraday session, starting the day at $6.87. After recovering from a downward trajectory, it broke above $7 for the first time since June, peaking at $7.28 before encountering strong resistance.
Subsequently, increased selling pressure from bears led to a closing price reflecting losses of more than 6%. Earlier in the day, the cryptocurrency showed promise but lost momentum, falling below the critical $6 support level and hitting a low of $5.96.
Currently, it is down over 4%, but there are indications of a rebound and potential recovery. It is important to note that Near Protocol trades approximately 70% below its all-time high. While there may be optimistic projections about reclaiming this level within the year, it seems unlikely.
However, based on its performance patterns in November, there is potential for improvement. The token hit a low of $3.50 on November 4th, but it surged to its peak for the month during the previous intraday session, effectively doubling its value in under thirty days. If this trend continues, the asset could exceed $12 before the year concludes.
Technical indicators from the one-week chart are showing positive signals. A bullish divergence was noted in the moving average convergence divergence indicator a few weeks ago, suggesting further price increases may be on the horizon.
Additionally, the relative strength index (RSI) currently sits at 60, indicating that there is still room for upward movement before the asset enters the overbought territory.
TAO/USD
Bittensor is one of the AI tokens that appears to be approaching a significant breakout, as evidenced by the one-day chart, which reveals a gradual upward trend. This movement began last Thursday when trading opened at $480, reaching a peak of $529.
However, the upward momentum has faced challenges from bearish traders, resulting in a series of doji candles that indicate the ongoing tussle between buying and selling pressure.
In the most recent intraday session, Bittensor surged to a high of $565 before losing some momentum and ultimately dipping to a low of $492. Despite this fluctuation, the asset ended the session with gains of over 3%.
The current trading pattern appears to echo that of the previous day. Starting at $546, it reached a high of $573, approaching its fourteen-day high, before dropping to a low of $504 and rebounding back to its opening price.
Currently, Bittensor is trading approximately 30% below its all-time high, which was observed earlier this month when it fell to $400 before making a notable recovery to a high of $623 within just a few days, adding $214 in value in less than a month. If this upward trend persists into December, it will push the AI token above its all-time high, potentially resulting in a value increase of over 50%.
The moving average convergence divergence (MACD) indicator reinforces this outlook. It recently showed a bullish divergence, suggesting that Bittensor is preparing for further price increases. Additionally, Bittensor has recently gained a new utility within the Bitcoin ecosystem, which could lead to a surge in demand shortly.
INJ/USD
Injective is one of the AI tokens that experienced an upward trend, contrasting the general sentiment in the crypto market. This recent surge can be attributed to an announced key integration.
The project has officially joined the COIN50 Index, a carefully curated index designed to provide easy access to Injective (INJ) through mainstream channels for institutions and retail users.
Coinbase launched the COIN50 Index this month, aiming to serve as the crypto equivalent of the S&P 500. Following this announcement, trading volume for Injective surged by over 67%.
The asset opened trading at $26.90 and, after a brief decline, quickly rose above the crucial $30 threshold, reaching a peak of $30.80. Currently, it has seen an increase of more than 13%.
Despite this progress, Injective’s price remains over 40% below its all-time high.
The asset has demonstrated significant recovery, moving up from a low of $16 earlier in November. It is now at its highest point for the month, showcasing an impressive gain of over 80% since that low.
If Injective were to achieve an additional 80% increase in December, it would surpass the previously highlighted milestone. Furthermore, technical indicators on the one-week chart suggest positive momentum.
The moving average convergence divergence indicates a bullish divergence, suggesting continued potential for growth in the coming days. Additionally, the relative strength index (RSI) is at 60, indicating room for upward movement before the asset reaches overbought conditions.
