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Covalent X Token ($CXT) is up 30%, but if demand weakens, selling pressure could bring its price down from $0.069 to $0.060.
Dojo Protocol ($DOAI) is up 22% and could rise to $0.035 if accumulation continues; however, if there is profit-taking, the price may fall.
VectoSpace AI ($VXV) bounced back to $0.38, with the price expected to rise to $0.43 if bullish momentum is maintained via RSI.
Artificial intelligence (AI) cryptocurrencies performed well at the end of August. However, the first week of September 2024 proved challenging, with most AI currencies experiencing significant declines.
Despite the market correction, a handful of AI cryptocurrencies saw price gains this week. The top three performers are Covalent X Token ($CXT), Dojo Protocol ($DOAI), and Vectospace AI ($VXV).
Covalent X Token ($CXT)
$CXT is the native token of the Covalent ecosystem, supporting a decentralized AI-based blockchain infrastructure that enables settlement and data access across multiple networks. The price of $CXT surged by 30% between September 3rd and 6th.
The rise began when the 20-day exponential moving average (EMA) broke above the 50-day EMA, forming a bullish pattern known as the Golden Cross. Within a few days, $CXT reached $0.072.
However, its price has since retreated slightly to $0.069. Additionally, the Money Flow Index (MFI) showed a downward trend, indicating that selling volume exceeded buying pressure.
Chart source: TradingViewCovalent X Token 4-hour analysis
If this continues, the price of $CXT may drop to $0.060. However, this prediction will become invalid if buying pressure resumes or the AI cryptocurrency gains momentum like it did in August. In this case, $CXT is likely to retest $0.072.
Dojo Protocol ($DOAI)
Dojo Protocol is a blockchain designed for monetizing AI data, and its native token $DOAI helps make this possible. The price of $DOAI initially spiked following NVIDIA’s recent report on the impact of AI cryptocurrencies, peaking at $0.034 three days later.
After that, the price plummeted to $0.025. This week, however, the AI coin’s price rose again, with a 22% increase pushing it to $0.33. Unlike CXT, the 4-hour $DOAI/$USDT chart suggests the price may continue to move higher.
One reason is that the Chaikin Fund Flow (CMF) technical indicator indicates that accumulation is greater than distribution. As you can see from the chart below, the CMF reading is increasing, indicating that $DOAI remains in bullish control.
Chart source: TradingView$DOAI 4-hour analysis
If this continues, the price is expected to break above $0.035. However, profit taking may neutralize this bias. If $DOAI holders take some profits, the price could drop to $0.030.
Vectospace AI（$VXV）
Vectospace AI’s native cryptocurrency $VXV ranks third. The blockchain project utilizes patent-protected natural language processing (NLP) to provide data sets. $VXV has been trading sideways most of the time, but has seen significant price gains recently.
$VXV is currently trading at $0.38, with the relative strength index (RSI) recently approaching the neutral point. If the RSI falls below this level, the price of $VXV may fall along with it. However, a rebound from the RSI midpoint points to potential further upside.
Chart source: TradingView$VXV 4-hour analysis
If the bullish momentum continues, the price of $VXV could rise to $0.43. On the other hand, if the RSI declines, the coin’s price could fall back to around $0.34.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "MarsBit"
Original article by: Victor Olanrewaju