NEAR and other AI tokens are currently grappling with notable selling pressure following their previous return to previous highs.
The artificial aspect of the crypto market continues thriving amidst growing fears of diminished interest. The sector draws from the growing reliance on this piece of technology. Their use case is also attached to the growing dominance AI exerts across several fields.
The crypto industry currently boasts 100s such tokens, with a few holding top spots in the top 100. NEAR is currently the 21st largest cryptocurrency by market cap. Internet computer follows behind, claiming the 26th spot.
ICP and other AI tokens recently registered massive as trading volume increased. On Nov. 22, the second-largest coin in the field under consideration gained over 22%, surging from $9.24 to $11.4. It broke above $12 before the week ended. The latest surge sends it to June’s high. It also edged closer to its all-time high.
The latest trend across several cryptocurrencies is their gradual advance at their ATH. The Artificial Superintelligence Alliance currently trades at 61% lower than the highlighted mark. Nonetheless, it gradually edges closer and may break it this year.
Render currently trades at $7.26 and is grappling with a massive selloff. It sees less bullish action as trading volume plummets by over 30% over the last 24 hours. Nonetheless, it is less than 50% away from its all-time high.
Other AI tokens will look to reclaim their ATH and set new ones before the year runs out. Here are the factors to consider
NEAR/USD
Near protocol is grappling with massive downtrends at the time of writing. It joins the rest of the crypto market as the selloff continues. The downhill movement enters, with the bulls intensifying efforts to halt it.
Nonetheless, the apex AI token returned to a critical level during the previous intraday session. It started the day at $6.87, recovered from a downtrend, and surged. It broke above $7 for the first since June. It continued until it faced strong resistance at $7.28. The bears staged stronger selling congestion, sending the asset to close with losses exceeding 6%.
The cryptocurrency was off to a good start a few hours ago but lost momentum. It lost the $6 support, dropping to a low of $5.96. Currently down by over 4%, it rebounded and shows signs of recovery.
Nonetheless, NEAR is trading 70% lower than it all-time high. Claims of the asset reclaiming this level may not be possible this year. However, it will edge closer to it. One reason for this conclusion is its performance in November.
Near protocol dropped to a low of $3.50 on the fourth day of the month. It surged to its peak of the thirty-day period during the previous intraday session. The token doubled in less than thirty days. A repeat of surge movement will send the asset above $12 before the year ends.
Indicators on the one-week chart prints positive signals. The moving average convergence divergence is showed a bullish divergence a few weeks ago. It may hint at further increases in the coming days. The relative strength index is at 60, pointing to room for more uptrend before the asset becomes overbought.
TAO/USD
Bittensor is on the verge of another breakout. A closer look at the one-day chart shows a gradual upward pattern forming. The trend started on Thursday when it opened trading at $480 and surged to a high of $529. The bulls have since struggled to continue the uptrend.
The following candle are mostly doji as the tussle between the bulls and bears continues. The trend continued into the previous intraday session when it surged to a high of $565 but lost momentum and dipped to a low of $492. Nonetheless, it closed with gains exceeding 3%.
The asset is repeating the previous day’s price movement. It started trading at $546 and surged to a high of $573, edging closer to its fourteen-day high. It dropped to a low of $504 and rebounded. TAO is back to its opening price.
Currently trading at 30% less than its all-time high, the asset gradually edges closer to the mark. It dropped to a low of $400 earlier this month and surged to a high of $623 a few days ago. It added $214 in less than a month.
A repeat of this trend in December will raise the AI token above its ATH and guarantee an over 50% increase in value. The moving average convergence divergence offers more reasons for this conclusion. A few days ago, it showed a bullish divergence, indicating the asset is gearing up for further increases.
Bittensor recently gained another utility in the Bitcoin ecosystem. It may see a significant surge in demand in the coming days.
INJ/USD
Injective is on the uptrend against the prevailing sentiment across the crypto market. However, a fresh integration is responsible for the latest surges the asset sees.
The project announced its addition to the COIN50 Index. This highly selective index enables institutions and everyday users to seamlessly access INJ through mainstream rails. Coinbase released the COIN50 Index this month, aiming to be the S&P 500 index for crypto.
The latest addition drove trading volume up by over 67%. Prices are also reacting to the latest shift in buying volume. It opened trading at $26.9 and shot up after a brief decline. It broke above the $30 barrier and peaked at $30.8. Nonetheless, it is up by over 13%.
Injective trades over 40% lower than it all-time high. It has made significant progress at the price mark over the last their days. It recovered from a low of $16 earlier in November. It is currently at its highest this month and has gained over 80% since the low.
An 80% surge in December will guarantee the asset breaks above the highlighted milestone.
Indicators on the one-week chart prints positive signals. The moving average convergence divergence is showed a bullish divergence a few weeks ago. It may hint at further increases in the coming days. The relative strength index is at 60, pointing to room for more uptrend before the asset becomes overbought.
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