Artificial Intelligence (AI) tokens are grabbing investors' attention amidst a broad Market downtrend. While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) face declines, some AI tokens are showing resilience and potential for a bullish reversal. Near Protocol (NEAR), Injective (INJ), and Super Artificial Intelligence (FET) are emerging as top contenders for a positive trend in the near future.
Market Conditions
The recent Market turbulence resulting from geopolitical tensions and external factors has led to a downturn in traditional cryptocurrencies. Bitcoin saw a 3.6% drop, while Ethereum plunged by 6% in the last 24 hours. Despite this, analysts anticipate a shift towards bullish momentum, driven by upcoming events like the US presidential election.
Near Protocol (NEAR)
NEAR has demonstrated strength in the AI and Big Data category, boasting a Market cap of $6.617 billion. Despite recent setbacks with a 10% decline in the last 24 hours, NEAR remains positioned for a potential rebound. Technical indicators, like the EMA 50/200-day and RSI, suggest a bullish reversal with the possibility of retesting the $5.5 Price point.
Injective (INJ)
INJ, with a Market cap of $2.1 billion, has faced a significant correction following a monthly surge of 41%. Despite a 9% decline in the last 24 hours, positive weekly returns hint at a potential reversal. Analysts highlight bullish signals in INJ's Simple Moving Average (SMA) that could drive the Price towards $28, pending a breach of the $24 resistance level.
Super Artificial Intelligence (FET)
Despite a 10% weekly decline, FET displays resilience with a 90% surge in daily trading volume. The Market cap of $3.8 billion places FET as a prominent player in the AI sector. The Moving Average Convergence Divergence (MACD) suggests possible bullish convergence, fueling optimism among analysts who foresee a surge to $2.2 upon breaching the $1.650 resistance level.
While NEAR, INJ, and FET take the spotlight, other AI tokens like Render (RNDR), Bittensor (TAO), and The Graph (GRT) are also poised for potential bullish actions. The AI sector is witnessing dynamic shifts, offering investors a range of opportunities amidst broader Market volatility.
