Artificial intelligence (AI) tokens also exhibited an upward movement as Bitcoin (BTC) recently surpassed the $71,000 level. According to data provided by CoinMarketCap, the AI token market experienced a 5% increase in the last 24 hours, while the trading volume grew by 20%. Near (NEAR), Render (RNDR), and Bittensor (TAO) led the AI and big data-based cryptocurrency assets, showing noticeable increases of 8%, 5%, and 7% respectively in the last 24 hours.
Will AI Tokens Continue to Rise?
Key indicators tracking the buying and selling activities of tokens revealed that the price rise was not driven by genuine demand from investors trading in the market. This situation is linked solely to the overall rise in the cryptocurrency market within the last 24 hours.
To give an example, NEAR’s Relative Strength Index (RSI) indicated 52.29, while the Money Flow Index (MFI) showed 26.96.
When examining the market’s two significant momentum indicators together, it was observed that market sentiment remained generally neutral, while there was a noticeable outflow of money from NEAR. This situation indicates the likelihood of the altcoin losing its recent gains as selling pressure increases. NEAR’s price was at $7.56 at the time of writing.
In the case of RNDR, the Chaikin Money Flow (CMF) indicator was in the negative region below zero at the time of writing.
This indicator tracks the inflow and outflow of money in the market for a specific asset. A value below zero indicates a weakening in the market. These outflows in capital may also signal declines in the market. At the time of writing, RNDR’s CMF value was -0.05.
RNDR’s price remained at $10.72 after a 1.92% increase at the time of writing.
Current Status of TAO
TAO’s price performance did not present a different picture. When examining the charts, it was understood that it was trading close to its 20-day exponential moving average (EMA). When the price of the examined asset moves near this moving average, it is generally observed that the price consolidates within a certain range in the following period.
This situation was also seen when looking at TAO’s decreasing Average True Range (ATR). This indicator measures the volatility of the examined asset. Decreasing values in TAO may indicate existing market indecision or a consolidation period. At the time of writing, TAO was trading at $417.
