There has been an undeniable drop in the broader market over the past few days. However, some AI-focused tokens have managed to post gains despite the downturn.
In this analysis, BeInCrypto highlights three AI coins with significant price growth.
AIOZ Network
AIOZ, the native token of the AIOZ Network — a decentralized platform that leverages a global network of nodes to deliver content — has seen a 45.63% price increase over the past seven days. It’s one of the AI tokens to watch this week. As of this writing, it’s trading at $0.75.
At its current price, the altcoin is trading above its 20-day exponential moving average (EMA). The 20-day EMA calculates the average price over the past 20 days, placing more emphasis on recent data points.
This setup indicates a short-term bullish trend. It signals that buying pressure is dominant and the asset is in an uptrend.
If AIOZ maintains this uptrend, its price could rise to $0.79. A successful rally above this level could put it on track to reclaim its year-to-date high above $1.
There is a downside, however. The sharp decline in Chaikin Money Flow (CMF) suggests that buying pressure is waning. AIOZ's CMF, which tracks money flowing in and out of the market
AIOZ Price Analysis. Source: TradingView
When an asset's CMF is negative during an uptrend, buying pressure weakens, thus forming a bearish divergence. This divergence is a warning signal that the uptrend may not be sustainable and could face a reversal if selling pressure continues.
AIOZ price could drop to $0.61 if this happens, invalidating the bullish outlook above.
RENDER
The price of leading AI token Render (RENDER) has increased by 34% over the past seven days, making it one of the top AI tokens of the week. During the review week, the AI token rose to a five-month high of $7.20 before seeing a decline in the past 24 hours due to the general market downturn. However, it is trading at $6.69 and still trending up.
RENDER's Parabolic Stop and Reverse (SAR) indicator confirms this bullish outlook. As of this writing, the indicator's dots, which identify the asset's trend direction and potential reversal points, are below RENDER's price.
When the Parabolic SAR dots are positioned below the price of an asset, it indicates that the asset is under bullish pressure and is trending up. Traders interpret this as a signal to buy and exit short positions.
If this trend continues, RENDER's price is likely to test the resistance at $7.39. A successful breakout could push the token up to $8.62.
RENDER Price Analysis. Source: TradingView
However, if profit-taking picks up again, this bullish outlook could be invalidated. The token price could drop to $5.87.
NEAR Protocol
NEAR is another AI token that has performed impressively over the past week. It changed hands at $5.52 and has recorded a 31% increase over the week under review.
Its Elder-Ray indicator confirms that the bulls are still in control of the market and are trying to push the price of NEAR higher. At the time of writing, the indicator's value stands at 1.07.
The Elder-Ray 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 bullish market sentiment.
If buying pressure intensifies, NEAR price will break above the resistance at $6.04 and attempt to trade at $6.74, the high last reached in June.
NEAR Price Analysis. Source: TradingView
However, a shift in market sentiment from positive to negative would invalidate this bullish thesis. If selling gains momentum, NEAR’s price could fall below $5 to trade at $4.47.
