The crypto market has seen a slight pullback in recent days. However, several AI-focused cryptocurrencies have managed to record price jumps.
In this analysis, BeInCrypto highlights three AI cryptocurrencies with significant price growth.
Rede AIOZ (AIOZ)
AIOZ, the native token of AIOZ Network — a decentralized platform that uses a global network of nodes to deliver content — has seen a 45.63% price increase in seven days.
At the current price, the altcoin is above its 20-day exponential moving average (EMA). This setup indicates a short-term bullish trend. If AIOZ maintains this scenario, its price could rise to $0.79. A successful rally beyond this level could put it on track to reclaim the $1 mark.
There is a caveat, however. Its falling Chaikin Money Flow (CMF) indicates that buying pressure is weakening. AIOZ’s CMF, which tracks money flows into and out of its market, is below zero at -0.02.
AIOZ Price Analysis. Source: TradingView
When an asset's CMF is negative during a price rally, buying pressure is decreasing, forming a bearish divergence. This divergence is a warning sign that the rally may not be sustainable and could face a reversal if selling pressure continues.
In this case, the price could drop to $0.61 if this happens, invalidating the above-mentioned bullish outlook.
Render (RENDER)
Render (RENDER) saw its price surge by 34% this week, making it one of the top AI cryptocurrencies of the week. During the week under review, the token reached a five-month high of $7.20 before witnessing a pullback due to the overall market decline. However, it is trading at $6.69 and still maintains a bullish trend.
The Parabolic Stop and Reverse (SAR) indicator confirms this outlook. Currently, the indicator’s dots, which identify the direction of an asset’s trend and potential reversal points, are below the price.
If this trend continues, RENDER is likely to test the resistance at $7.39. A successful breakout could propel the token to $8.62.
RENDER Price Analysis. Source: TradingView
However, if profit-taking activity resurfaces, this bullish outlook could be invalidated. The token’s price could then drop to $5.87.
Read more: How to invest in artificial intelligence (AI) cryptocurrencies?
Near Protocol (NEAR)
NEAR is another AI-powered cryptocurrency that has performed impressively this week. Currently trading at $5.52, it has seen a 31% increase in value in seven days.
Its Elder-Ray Index confirms that bulls remain in control of the market and are trying to push the price to new highs. This indicator measures the strength of buyers (bulls) and sellers (bears) in the market. When its value is positive, it usually means that buyers are stronger than sellers, indicating a bullish market sentiment.
If buying pressure strengthens, NEAR price will break the resistance at $6.04 and attempt to trade at $6.74, a level last reached in June.
NEAR Price Analysis. Source: TradingView
However, a shift in market sentiment from positive to negative will invalidate this bullish thesis. If selling activity gains momentum, NEAR’s price could fall below $5 to trade at $4.47.
The article Top 3 AI Cryptocurrencies of the Week appeared first on BeInCrypto Brasil.
